Buying the first house is a big decision to take. It creates an effect on long-term comfort and financial stabilization. Especially when it is a first-time buy, you have to look at many other things. Like the environment, culture, affordability, and amenities you can get.
In this guide, we will find five affordable places that meet the wishes of first-time homebuyers. Also, talk about five locations that could create problems for first-time homebuyers.
5 Ideal Places For First-Time Homebuyers
Overland Park, Kansas
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Median Home Value: $425K
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Population Growth: 0.13%
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Reason: Best to raise a family
To raise a family, Overland Park, Kansas, in Johnson County, is the best option. With around 197,984 growing population, this city blends urban amenities and a suburban vibe.
The city has ranked public and private schools, ensuring children receive a high-quality education. 83 parks and open spaces are available in this city for hiking and picnic areas, with beautiful natural views.
Overland Park’s real estate market has steadily grown 2.4% since last year. All these amenities make it a suitable place to live and invest in property.
Irving, Texas
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Median Home Value: $350K
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Population Growth: 0.06%
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Reason: A corporate city
Irving, a city in Texas, presents a lifestyle mix of urban and suburban vibe. It is a part of the Dallas Metroplex, with over 230,000 residents and 3.3 million workers.
8,500 domestic and foreign businesses, including the corporate headquarters of over 45 Fortune 1,000 and five Fortune 500 companies, are based in Irving. The corporate world chooses Irving because of its easy access to two major airports and expansive urban business districts.
Oklahoma City, Oklahoma
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Median Home Value: $260K
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Population Growth: 0.88%
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Reason: Low living cost
Oklahoma City is the capital and populated city of Oklahoma. But the cost of living is 13% lower than the average state value. This city provides a big-city experience with low prices for groceries, utilities, and transportation. But the biggest savings come from OKC housing costs, which are 21% lower than average at $260,000(median house sale value) and $950/month(rent). It makes Oklahoma City on the list for first-time homebuyers at an affordable price.
Boston, Massachusetts
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Median Home Value: $795K
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Population Growth: 0.53%
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Reason: History, Nature, Education
Historical city Boston is the capital and 25th most populous city in the Commonwealth of Massachusetts. Also known as the cultural and financial center of the Northeast, New England.
For first-time homebuyers in Boston, only considering the city's aesthetic appeal isn't enough for settling down. Exploring neighborhoods and looking for ideal living opportunities at reasonable prices is necessary.
East Boston comes out as an ideal choice for families and young professionals seeking proximity to the city at affordable rates. As of January 2024, the median sale price in East Boston stood at $702,000.
Condos, townhomes, single-family, and multi-family homes are ready at a lower price than in other parts of Boston. East Boston neighborhood is the perfect place to buy their first house.
Huntsville, Alabama
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Median Home Value: $317K
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Population Growth: 1.72%
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Nearest City: Low cost of living
Huntsville, Alabama, is a standard location for first-time homebuyers. Job opportunities in the city's landscape are various. The city has famous entities like NASA, the U.S. Army, and tech giants such as Facebook and Google.
Its affordability of living costs is 8% below the national average. And housing prices are a remarkable 24% lower. Last January, the average home sale price was $317K.
5 Places Which Are Better To Avoid
Daly City, California
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Main Reason: expensive for living
Daly City is a costly city in San Mateo County. This city has a high-priced community, with the cost of living 110.7% higher than in the United States. Note that before relocating there.
A family of four in San Mateo County must bring home an average of $172,888 annually for easy living. The average home price in January was $1.1M, $694 per square foot.
Orlando, Florida
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Main Reason: higher living and rental cost
With lots of pros, there are some cons when deciding on a place to buy a house. There are also some cons to consider about moving to Orlando. The cost of living is slightly higher and more expensive.
A single person's monthly cost is around $1,145.1 without rent. But the rental cost is much higher than the living cost. The rental cost will start from $1,407 and goes up to $1,894, and the average home value is $369K, up 7.6% since 2023.
San Jose, California
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Main Reason: Expensive metro area
San Jose ranked at the bottom of the list because of its low mortgage affordability, with a median home price of $1.3 million. The city is the toughest place to buy a home, with the worst price-to-rent ratio and a 42% higher cost of living, which is difficult for newcomers to afford.
Milwaukee, Wisconsin
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Main Reason: crime and the winters
It's just crime and the winters that make Milwaukee out of buying your first house. With short springs and humid summers, the city will be filled with snow in the winter. Besides that, the scary number of homicides and gun violations is a big alert before you decide to move there. In 2023, 169 homicides and 838 non-fatal shootings were reported, which is less than the previous year but not a good number for living safely.
Corpus Christi, Texas
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Main Reason: Job shortage and problematic health care system.
Due to some serious reasons, Corpus Christi may not be the best pick for first-time homebuyers. The living cost is 1% higher than the state average. But the shortage of jobs makes it difficult to earn money and spend. According to last year's report, the unemployment rate was 4%.
Corpus Christi is ranked as the 10th unhealthiest city in America. It makes healthcare prices 30% higher than the national average.
Summary
Choosing the right location for your first home is a major point to think about a hundred times. You can make a smart decision by considering factors like job opportunities, house costs, and cost of living. Also, check the outdoor activities, educational opportunities, and community vibes for maintaining better living matrics. Take your time, research, and trust your instincts to find the ideal place to call home.
