Phoenix named one of the best cities for first-time homebuyers
Mar 16, 2016, 6:00 AM | Updated: 9:22 am
PHOENIX — Taking the leap into homeownership for the first time can be a frightening notion for young adults, but if you’re going to do it, Phoenix is a great place to settle down.
Personal finance tech company SmartAsset looked at every U.S. city with a population above 300,000 to find the best places for first-time homebuyers. They analyzed data from sources like Zillow and HUD on affordability, market stability, and mortgage availability to rank the top 25 places to buy that first home.
Phoenix made the list coming in 22nd overall.
Spots one and two were taken by Oklahoma City and Tulsa, Okla. respectively. Texas had more than a few cities in the top 25, and many midwestern cities look like safe bets for first-timers as well.
CBS News reported that at the end of 2015, less than 35 percent of adults under the age of 35 owned their home.
In 2005, more than 69 percent of American households owned the home they lived in. In 2016, that rate was down to 64 percent.
The housing market’s volatile past is not the only thing driving young adults from homebuying. Prices have now bounced back to pre-recession peaks while average wages across the country have not enjoyed such growth. And since the housing crisis, mortgage lending practices are stricter than ever.
