Study: Phoenix suburbs a good bet for first-time homebuyers
Jul 29, 2015, 3:56 PM
Two Phoenix-area cities ranked high on a list of the top housing markets for first-time home buyers.
WalletHub placed Gilbert fourth and Chandler 10th on its list of best medium-sized cities for those making their entry into the housing market.
Looking at a number of factors ranging from housing costs to property taxes and crime rates, researchers gave Gilbert second place ranking for housing affordability among the 300 small, medium-sized and large cities, analyzed for the study.
Gilbert was second only to Cambridge, Massachusetts for housing affordability list. Chandler, meantime, was fourth after number-three ranked Cary, Indiana. Broken Arrow, Oklahoma rounded out the top five.
Despite reports of low inventory and questions about affordability, the number of first-time homebuyers is on the rise, according to the National Association of Realtors.
Matching their highest share since 2012, first-time buyers represented a 32 percent share of existing home sales in the month of May, up from 27 percent in 2014.
And that percentage is expected to grow in the coming years.
According to a recent TD Bank Survey, some 62 percent of potential first-time buyers are making plans to buy a home within the next two years.
The survey also tapped into a few points of interest about those looking to purchase their first home.
Among the findings:
• Almost 70 percent said they wanted a move-in ready home, while just over 30 percent said they would buy a fixer-upper.
• Forty-three percent said they were looking to buy their home in a suburban area compared to 20 percent who said they wanted to live in a big city or metro area.
• Also, some 22 percent looking to purchase their first home said they couldn’t find a home in their price range. Others cited debt as a major obstacle in preventing them from saving for a down payment.
Join Realtor Diane Brennan for That Real Estate Show Sundays at 8 a.m. on KTAR News 92.3 FM.
