Best U.S. States for First Time Home Buyers
Buying a home for the first time is an exciting and memorable life event. Finding a home you love that’s also in your price range can be a challenging process, however.
According to Business Insider, some states are better than others for new buyers. Home prices and values vary widely city-to-city, but there are a few key statistics you can research to find out more about market conditions in your state.
Affordable median home values, low unemployment, and a high percentage of homeowners under 35 are attractive to first-time buyers seeking more house for their money, or a place where their investment can grow. States where homeowners are paying a high percentage of their income toward their mortgage may not be for buyers with a limited budget or those who fear a tight housing market.
Among states ranked as the best for first-time homebuyers, Iowa comes out on top. The hawkeye state has a low median home value of $138,200, and its citizens pay only 13.1 percent of their income toward their mortgage.
Second-place Utah boasts a low unemployment rate of 3.4 percent, and a young profile — 44 percent of its homeowners are under 35.
Minnesota takes third place with an even higher rate of under-35 homeowners, at 45 percent. It also has a low median home value of $202,800.
Read on here to learn more, and see if your state ranks among the 15 best for first-time homebuyers.