As you get closer to owning your own home, you can finally start to solidify the details of what this move will entail. This means, specifically, deciding on the location of your new home. While you may already be aware, the sad truth is that owning a home is rather expensive, especially for millennials who are currently facing unideal housing market trends. According to the Case-Shiller Index, home prices have been at a high for over 31 months now.
While it may be a financially restricting time to be a first-time homebuyer, that isn’t stopping millennials from making the conscious decision to progress beyond renting. SmartAsset recently published an article that outlined where the best cities for new homeowners are and why millennials should consider opting for one of these locations:
The entirety of the United States was surveyed and Pittsburgh was deemed the best city for first-time homebuyers. They have one of the best selections when it comes to affordable housing options, which is exactly what new homeowners on a budget are looking for. Pittsburgh is also a city whose population doesn’t grow very rapidly, which means that you won’t have to deal with overpopulation.
Oklahoma City, Oklahoma
While Oklahoma City may be a bit cheaper than Pittsburgh, they have a more elusive housing market, which is what hindered them from surpassing Pittsburgh as the most ideal city for new homebuyers.
One of the benefits of Omaha is the fact that homebuyers are more likely to get loan approval as compared to other cities across the United States. Since 2011, the cost of buying a home has increased, but the other incentives that come along with Omaha’s housing market are enough to keep it a desirable option.
There is no city in the United States that has experienced a real estate boom quite like Indianapolis. They have seen such a rapid expansion in the number of homes being built and placed on the market that it’s evident that new homebuyers would have a significant amount of options available to them if they chose to pursue Indianapolis as their new home base.