Heather Bien is a Washington, D.C.-based freelance writer whose work has appeared on MyDomaine, The Knot, Martha Stewart Weddings, HelloGiggles, and more. You’ll often find her making pitstops for roadside antique shops, drooling over original hardwood floors, or perfecting her latte recipe.
If the bonkers real estate market of the past few years has meant that 2023 is the time to buy your first home, you’ve likely got a lot on your plate to consider as you narrow down your search.
For more content like this follow
Whittling down the list from 659 U.S. towns and cities, the pros took into consideration a variety of factors when compiling the list: affordability, livability (including factors like a reasonable commute time, ample attractions and dining options), and where it might be easier for young buyers to break into the housing market. Other factors include strong job markets, a younger population, and, of course, strong housing markets with lots of options for first-time buyers.
The top 10 markets for first-time homebuyers in 2023 are: Portsmouth, Virginia, DeForest, Wiscconsin, Windsor Locks, Connecticut, Gloucester City, New Jersey, Moore, Oklahoma, Magna, Utah, Eggertsville, New York, Watervliet, New York, Mattydale, New York and Somersworth, New Hampshire.
As for why these specific locations scored such high rankings, Danielle Hale, chief economist at Realtor.com, said in a statement: “The housing market will continue to be challenging for first-time buyers in the coming year, but for those with a bit of flexibility in where they live, there are markets where young buyers can find not just a relatively affordable home, but a neighborhood that offers a mix of economic opportunity and lifestyle amenities. Affordability is always a consideration for first-time buyers, but it’s also important to make sure that you’re settling down in a location that has all the qualities that make it an enjoyable place to live — after all, you’re not just buying a house, you’re investing in a community.”
The seaport town of Portsmouth, Virginia makes for an ideal place to put down roots, offering up history and coolness in spades in Olde Towne’s historic district, along with plenty of water-adjacent neighborhoods for those who want a perfect balance of city and sea. Its proximity to Norfolk and Chesapeake means you’re never far from what you need, and an average commute time of 25 minutes leaves plenty of time for leisure, even for those who don’t have the luxury of a WFH job.
Check out the full list to see the complete data, especially if you’re looking to buy your first home in the coming months.
Arielle Tschinkel is a freelance pop culture and lifestyle writer whose work has appeared on Shape.com, WomansWorld.com, FirstforWomen.com, Insider, HelloGiggles, and more. She loves all things Disney and is making her way to every park around the world, and is a die-hard Britney Spears fan for life. She’s also obsessed with her Bernedoodle, Bruce Wayne.
If there’s one thing we’ve learned from housing data and migration trends in the last two years, it’s that Americans are moving. Now that working from home is much more accessible, United States residents have experienced a freedom that they may not have had in the past, where they can live where they want to without it impacting their career.
For more content like this follow
Three cities in particular have seen the highest levels of population growth between the years of 2016 and 2021, according to data from U.S. News & World Report. This data is based on net migration, which means that it’s not taking into account the number of people that have moved into the city, but also the amount of people that have moved out. Can you guess which ones they are?
As a couple of hints, not only are all three of these cities located in the Sun Belt, but they’re also all situated in the southeast of the United States. And lastly, they also have a population that is older than the national median of 38. Read on to find out if you guessed at least one correctly.
According to U.S. News & World Report, Myrtle Beach has experienced a nearly 18 percent population increase over a five-year period. It’s also considered one of the best places to retire, and one of the best places to live. The median age in Myrtle Beach is almost 49 years old.
“The top cities on this list are also popular vacation destinations,” Devon Thorsby, real estate editor at U.S. News & World Report. “Over the last few years, people have had a few more choices and flexibility than they have before in regard to where their jobs will let them live. People want to live on the beach, and people like that weather.”
Nicknamed “Swan City,” Lakeland is known for its beautiful natural surroundings (yes, there are quite a few lakes), great year-round weather, and central location that makes getting to major metro areas like Orlando and Tampa simple. The city has seen nearly 13 percent population growth between 2016 and 2021, and its median age is nearly 41.
“The pandemic accelerated the trends that were in place prior to its outbreak,” said Amanda Pendleton, Zillow home trends expert. “People are seeking out relatively affordable metro areas with the possibility of year-round outdoor living, which is why we saw all of these people moving to the Sun Belt cities and Mountain West — these areas offer the amenities of big-city living, with the benefits of being outside for a good portion of the year, if not all year long.”
Sarasota is the third-fastest growing city, with a 12 percent population increase over the course of the five-year period between 2016 and 2021. The median age of residents is 53 years old.
For more content like this follow
The average home sales price in the United States is now almost $430,000. In 2020, it was about $350,000. Typical monthly rent is currently just over $2,000 per month, according to data pulled by Zillow — a nearly 11 percent increase since last year.
So, if you didn’t move during the pandemic (or even if you did!) and you’re now thinking that it might be a good time to try out a new city, ahead are four cities that offer great value for money. They’re among the most affordable places in the country, and have lots to offer, including job and cultural opportunities.
Just a heads up: These are not the four least expensive cities to live in. They’re considered affordable based on the cost of living in relation to median household earnings. Read on to learn more about them, and decide whether a change of scenery is in your future.
“Huntsville was the top most affordable place to move to for several years in a row, and is considered the best place to move in 2022 and 2023,” said Devon Thorsby, real estate editor at U.S. News & World Report. “Huntsville is in a low-cost state in regard to housing and property taxes, but is one of the most expensive places to live in Alabama. But compared to the nation, it’s very attractive.”
Huntsville is home to NASA’s Marshall Space Flight Center and the U.S. Space Command, and has been wooing more companies over the years, especially in regard to aerospace engineering and technology. According to Thorsby, these types of jobs will continue to attract more people, which will in turn raise the cost of living in the future.
The next three cities on the list stand out for two reasons in particular. According to data from Zillow, Des Moines, Indianapolis, and Oklahoma City all show that typical mortgage payments are under 30 percent of the local median household income, and each city has seen double-digit population growth between 2010 and 2020. So, residents have affordable mortgages and the cities are increasing in popularity.
“These three markets have been really consistent during the pandemic,” said Amanda Pendleton, Zillow’s home trends expert. “They didn’t see the incredible spike in home value that we saw in places like Phoenix and Raleigh — they were slow and steady.”
According to data pulled by Zillow, residents in Des Moines have a typical monthly mortgage payment of $1,867. Typical monthly rent is $1,280. Population between the last two censuses have shown an over 17 percent increase, with major industries including finance and insurance. Meredith Corporation, a publishing and media company, is also based out of Des Moines.
Also in the Midwest, Indianapolis, Indiana, is on the list for its affordability as compared to more expensive places in the country — which likely became more expensive in the last couple of years.
“These affordable cities were not pandemic boom-towns where the home prices rose way too fast,” Pendleton continued. “Cities like Indianapolis have shown consistent growth, and as a result, home prices are not falling at the same pace. People want to live here because they can get more for their money and they have desirable qualities.”
Top industries in Indianapolis include finance, real estate, and insurance, with nearly 12 percent population growth between 2010 and 2020. Residents have a typical monthly mortgage payment of $1,752. On the flipside, typical monthly rent is $1,530 — an 11.5 percent increase from last year, but still significantly below the nationwide cost.
And finally, Oklahoma City is another choice that has a growing aerospace engineering industry, as well as a variety of job opportunities in biotechnology and energy. Nationally, the city has some of the lowest housing costs of major metro areas in the United States.
Population growth in Oklahoma City between 2010 and 2020 was over 13 percent, and residents have a typical monthly household mortgage payment of $1,505. Typical monthly rent is $1,373, which is an eight percent increase from last year.
With all of these factors in consideration, Oklahoma City offers great value for money and is a popular option for those looking to move.