Zillow : Indianapolis Named Best Place for First-Time Home Buyers By Jordyn Lee on 27 Apr 2016
April 27, 2016 at 12:30 pm EDT
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Indianapolis is the best market for first-time home buyers right now, according to Zillow's latest analysis. Pittsburgh and Memphis are also high on the list of places that are the easiest for first-time buyers.
To determine the list, Zillow looked at:
Median home values. Lower home values means buyers need less cash for a down payment to break into the housing market.
Affordability. The places where mortgage payments take up a small share of income and rental payments are more unaffordable.
Inventory. More homes for sale means it's easier to find the perfect fit.
Cash buyer competition. Fewer all-cash offers mean less competition.
The median home value in Indianapolis is $130,200, and buyers can expect to spend 11 percent of their monthly income on a mortgage payment, which is incentive to become a homeowner in Indianapolis. Renters in Indianapolis can expect to put 26 percent of their monthly income toward a rental payment.
Salt Lake City is the toughest place for first-time home buyers, followed by Washington, D.C. and New York. Also at the bottom of Zillow's first-time home buyer list are San Jose, Seattle, and Austin, where many millennials are moving because of the areas' hot job markets. Unfortunately, when they start looking for a home, they'll find high prices and not many options.
Zillow Inc. issued this content on 27 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 April 2016 16:29:40 UTC
Original Document: http://www.zillow.com/blog/indianapolis-first-time-buyers-196738/
Zillow Group, Inc. helps people find and get the home they want by connecting them with digital solutions, partners, and agents, and buying, selling, financing, and renting experiences. The Companyâs affiliates, subsidiaries and brands include Zillow, Zillow Premier Agent, Zillow Home Loans, Trulia, Out East, StreetEasy, HotPads, ShowingTime+, Spruce, and Follow Up Boss. It provides integrated transaction experience for movers through Zillow, its network of partners, its affiliated brands, and through a comprehensive suite of marketing software and technology solutions for the real estate industry, including Spruce, Mortech, New Home Feed, ShowingTime+ and Follow Up Boss. Its services are primarily designed for buyers, sellers, partners, renters, and borrowers. For customers who are focused on buying new construction homes, it connects them with its home builder partners. Its rentals marketplace assists its partners with listings, advertising, leasing, and property management services.