This is America’s best city for first-time homebuyers

This is America’s best city for first-time homebuyers

This is America’s best city for first-time homebuyers

With the dream of buying a house that is becoming more and more out of reach for many Americans, aspiring real estate owners may consider Pittsburgh. The city of Pennsylvania is the nation’s top metro area for new buyers, according to a new study.

The Steel City offers a healthy mix of affordable housing and good neighborhoods, with a steady stream of homes coming to market, Bankrate found. The personal finance website surveyed the country’s 50 largest metropolitan areas and ranked their attractiveness to first-time home buyers based on 11 different metrics, including access to cultural centers and the local labor market.

The median home price in Pittsburgh in the first quarter of 2022 was $169,000, according to ATTOM Data Solutions, compared to the national median of $320,500. And those lower prices have become very attractive in today’s competitive housing market, a real estate agent in Pittsburgh told CBS MoneyWatch.

“For newcomers to the area, especially if they come from a larger metropolitan area, our housing values ​​come as a pleasant surprise,” said John Petrack, executive vice president of the Realtors Association of Metropolitan Pittsburgh. “We generally have a very stable housing market. We don’t experience the big ups or downs of other major cities, although the past two years have been unusually high for us.”

Florida is the least affordable state to live in


Rounding out Bankrate’s five best cities for new home hunters are Minneapolis, Minnesota; Cincinnati, Ohio; Kansas City, Missouri; and Buffalo, New York.

Minneapolis ranks second in part due to its unemployment rate, which ranked sixth in the labor market category of the survey. Housing stock in the Twin Cities is low and prices are rising, “but the area’s great schools, health care, employment opportunities, and variety of arts and entertainment options make living here a fantastic value,” said Denise Mazone, Minneapolis Area president. realtor.

Difficult markets

The worst places for first-time buyers to enter the housing market were Los Angeles, Las Vegas and Seattle because of their low housing stock, expensive homes and higher unemployment, according to a Bankrate survey.

The median home price in Los Angeles in April was $1 million, up 13% from last year, according to data from Redfin. Las Vegas’ median home price for the same period was $435,000, up 30% from a year ago, and Seattle’s median home price was $889,000, up 11% from a year ago.

A million-dollar price tag is one thing, but families looking to buy in LA also need to generate enough cash to compete with cash buyers and institutional buyers, said Anthony Vulin, president of Greater Los Angeles Realtors. Competition is fierce when there is a shortage of available homes for sale in the first place, he said.

“Big picture, we need to solve the housing production problem in LA to really make the region friendlier to new buyers,” Vulin told CBS MoneyWatch.

House prices have soared this year, mainly because housing demand outpaced supply after construction companies dipped during the corona pandemic† Home prices have also risen as some longtime homeowners chose to delay sales and stay as the pandemic swept across the country.

The price hikes were widespread, with the Florida cities of Miami, Orlando and Tampa some of the sharpest increases† High prices have the dream of home ownership away from some middle-class Americans – many of whom have chose bail on the market in recent weeks. Others have decided to stay the course and look for cheaper homes in other cities.