A new report has just been released by Zillow, shedding light on the evolving landscape for first-time home buyers. According to their findings, first-time buyers are playing an increasingly significant role in the housing market, representing half of all home purchases in the 2023. Zillow's analysis aims to pinpoint the most favorable markets for these buyers in 2024, taking into account factors like affordability and housing availability.
For prospective first-time buyers eyeing Minnesota, the report offers some encouraging insights. With its relatively affordable rent and a decent inventory of starter homes, Minnesota emerges as a promising option for those looking to step into homeownership. The state's housing market, coupled with a favorable demographic profile of potential buyers, presents an attractive proposition for those eager to make their first real estate investment.
These Are Zillow’s 10 Best Markets for First-Time Home Buyers This Year
St Louis, MO
-
Home Buying Age Households As a Share of Total Households: 26%
- Percentage of Median Household Income Spent on Rent: 20%
- Affordable Listings As a Percent of Total For-Sale Inventory: 67%
- Affordable Listings To Renter Household Ratio: 3.4 per 100 Renters
Detroit, MI
-
Home Buying Age Households As a Share of Total Households: 24%
- Percentage of Median Household Income Spent on Rent: 21%
- Affordable Listings As a Percent of Total For-Sale Inventory: 64%
- Affordable Listings To Renter Household Ratio: 4 per 100 Renters
Minneapolis, MN
-
Home Buying Age Households As a Share of Total Households: 28%
- Percentage of Median Household Income Spent on Rent: 20%
- Affordable Listings As a Percent of Total For-Sale Inventory: 48%
- Affordable Listings To Renter Household Ratio: 2.5 per 100 Renters
Indianapolis, IN
-
Home Buying Age Households As a Share of Total Households: 29%
- Percentage of Median Household Income Spent on Rent: 22%
- Affordable Listings As a Percent of Total For-Sale Inventory: 50%
- Affordable Listings To Renter Household Ratio: 2.6 per 100 Renters
Austin, TX
-
Home Buying Age Households As a Share of Total Households: 34%
- Percentage of Median Household Income Spent on Rent: 20%
- Affordable Listings As a Percent of Total For-Sale Inventory: 23%
- Affordable Listings To Renter Household Ratio: 1.3 per 100 Renters
Pittsburgh, PA
-
Home Buying Age Households As a Share of Total Households: 24%
- Percentage of Median Household Income Spent on Rent: 22%
- Affordable Listings As a Percent of Total For-Sale Inventory: 63%
- Affordable Listings To Renter Household Ratio: 3.7 per 100 Renters
San Antonio, TX
-
Home Buying Age Households As a Share of Total Households: 31%
- Percentage of Median Household Income Spent on Rent: 23%
- Affordable Listings As a Percent of Total For-Sale Inventory: 33%
- Affordable Listings To Renter Household Ratio: 2.6 per 100 Renters
Birmingham, AL
-
Home Buying Age Households As a Share of Total Households: 25%
- Percentage of Median Household Income Spent on Rent: 22%
- Affordable Listings As a Percent of Total For-Sale Inventory: 47%
- Affordable Listings To Renter Household Ratio: 4.2 per 100 Renters
Kansas City, MO
-
Home Buying Age Households As a Share of Total Households: 27%
- Percentage of Median Household Income Spent on Rent: 21%
- Affordable Listings As a Percent of Total For-Sale Inventory: 51%
- Affordable Listings To Renter Household Ratio: 2.2 per 100 Renters
Baltimore, MD
-
Home Buying Age Households As a Share of Total Households: 27%
- Percentage of Median Household Income Spent on Rent: 22%
- Affordable Listings As a Percent of Total For-Sale Inventory: 56%
- Affordable Listings To Renter Household Ratio: 2.3 per 100 Renters
