ST. LOUIS – First-time homebuyers might have better luck in the St. Louis region than most other places around the United States, new research finds.
Real-estate company Zillow recently ranked the Top 10 metros for first-time homebuyers in a new report forecasting 2023 trends. St. Louis finished in ninth place.
Research teams ranked U.S. metros based on mortgage and rent affordability, inventory-to-buyer ratio and the share of listings with a price cut, among other factors.
“Although housing affordability is extremely challenging these days, some markets will be more hospitable than others for first-time home buyers,” said Zillow senior economist Orphe Divounguy via a news release. “These metros are potential hotbeds for those looking to buy their first home. Not only will shoppers find more affordable monthly mortgage costs and have an easier time qualifying for a smaller loan, but rent also is more affordable than elsewhere in the country, shortening the time it takes to save for a down payment.”
According to Zillow, the Top 10 metros for first-time homebuyers include the following, in order:
- Wichita, KS
- Toledo, OH
- Syracuse, NY
- Akron, OH
- Cleveland, OH
- Tulsa, OK
- Detroit, MI
- Pittsburgh, PA
- St. Louis, MO
- Little Rock, AR
Zillow adds that markets with relatively more affordable rent, less competition and higher inventory are more likely to draw interest from first-time homebuyers next year.