Top 10 Cities for First-Time Buyers in 2020

October 9, 2020

Millennials are reportedly accelerating their homebuying timelines due to the COVID-19 pandemic, according to a new survey by realtor.com® and HarrisX of 2,000 buyers. Low mortgage rates and more available savings for a down payment, accumulated during stay-at-home periods earlier this year to fight the pandemic, have unleashed a wave of buyers the real estate market has long been waiting for.

But which cities offer the best prospects for first-time buyers in 2020? SmartAsset, a personal finance website, compared 185 of the largest cities in the U.S. on 12 metrics, including home market favorability (price-to-rent ratio, five-year home value appreciation, and foreclosure rate); affordability (under-45 homeownership rate, down payment-to-income ratio, housing costs); employment; livability; and more.

The following are the top cities for first-time home buyers in 2020, according to the analysis:

  1. Grand Rapids, Mich.
  2. Henderson, Nev.
  3. Virginia Beach, Va.
  4. Boise, Idaho
  5. Fort Wayne, Ind.
  6. St. Petersburg, Fla.
  7. Omaha, Neb.
  8. Garland, Texas
  9. Gilbert, Ariz.
  10. Sioux Falls, S.D.

View the full list of top markets for first-time home buyers.

Source: 
Best Cities for First-Time Home Buyers: 2020 Edition,” Smartasset.com (Oct. 6, 2020)