Homebuyers these days have dozens of things they need to take into consideration. Between all the different factors that go into homebuying, finding the right location can often be difficult, especially for first-time buyers.
By taking some of the most crucial factors into account, the list below ranks our top 7 cities for first-time homebuyers. The factors we analyzed included:
- Cost of Living Averages
- Median Home Prices
- Qualifying Income
- Unemployment Rate
- Price per Square Foot ($)
- Average Monthly Mortgage Payment
When we combined those factors, we were able to get a better picture of the standard of living in each city, and the appeal it may have for first-time homebuyers.
#7 – Columbus, OH
Key Factors:
- Cost of Living: -5.2% below national avg.
- Median Home Price: $121,900
- Qualifying Income: $38,944
- Unemployment Rate: 4%
- Price per Sq. Ft.: $100/sq. ft.
- Avg Monthly Mortgage Payment: $570
#6 – Colorado Springs, CO
Key Factors:
- Cost of Living: +0.5% above national avg.
- Median Home Price: $236,700
- Qualifying Income: $56,765
- Unemployment Rate: 3.8%
- Price per Sq. Ft.: $130/sq. ft.
- Avg Monthly Mortgage Payment: $823
#5 – Dallas, TX
Key Factors
- Cost of Living: +8.4% above national average
- Median Home Price: $153,900
- Qualifying Income: $49,431
- Unemployment Rate: 3.6%
- Price per Sq. Ft.: $189/sq. ft.
- Avg Monthly Mortgage Payment: $490
#4 – San Antonio, TX
Key Factors
- Cost of Living: +2.3% above national average
- Median Home Price: $220,320
- Qualifying Income: $45,528
- Unemployment Rate: 3.7%
- Price per Sq. Ft.: $106/sq. ft.
- Avg Monthly Mortgage Payment: $478
#3 – Omaha, NE
Key Factors
- Cost of Living: -6.1% below national average
- Median Home Price: $146,100
- Qualifying Income: $37,550
- Unemployment Rate: 3.2%
- Price per Sq. Ft.: $121/sq. ft.
- Avg Monthly Mortgage Payment: $552
#2 – Indianapolis, IN
Key Factors
- Cost of Living: -7.6% below national average
- Median Home Price: $123,900
- Qualifying Income: $35,191
- Unemployment Rate: 4.5%
- Price per Sq. Ft.: $77/sq. ft.
- Avg Monthly Mortgage Payment: $456
#1 – Oklahoma City, OK
Key Factors
- Cost of Living: -1.4% below national average
- Median Home Price: $142,300
- Qualifying Income: $33,197
- Unemployment Rate: 3.8%
- Price per Sq. Ft.: $99/sq. ft.
- Avg Monthly Mortgage Payment: $496