These Are the 10 Best Markets for First-Time Home Buyers Right Now

Home buyers face an uphill battle in 2023. Though average prices have dropped slightly from last year’s astronomical highs, the housing market is still choked by low inventory and inflated interest rates. The circumstances are bad enough to discourage veteran homeowners, let alone first-time buyers. If you’re new to the process, make your life easier by moving your search to one of the best housing markets for first-timers in 2023.

According to Realtor.com, the places listed below are ideal for younger people still looking to grow in their careers and social lives. In addition to job opportunities, food and drink options, and populations that skew young, these communities also boast strong housing markets with affordable prices and high inventory.

Realtor.com has named Portsmouth, Virginia, as the best spot in the United States for first-time home buyers. The city has a housing price-to-income ratio of 3.9 and a 3.4 percent unemployment rate. After settling down, new residents will have plenty to do; there are 5.5 food and drink establishments per 1000 households, and 25 to 34-year-olds make up nearly 16 percent of the population.

For the next best housing market in the country, head to DeForest, Wisconsin. The village belongs to the Madison metro area, and the average commute is just 25 minutes. Windsor Locks in Conecticut, Gloucester City in New Jersey, and Moore in Oklahoma are also appealing locations for new homeowners. You can read the full list below.

Even in a more accessible market, buying your first home can be a challenge. Here are some common misconceptions about the milestone.

10 Best Markets for First-Time Home Buyers in 2023

1. Portsmouth, Virginia
   
2. DeForest, Wisconsin
   
3. Windsor Locks, Connecticut
   
4. Gloucester City, New Jersey
   
5. Moore, Oklahoma
   
6. Magna, Utah
   
7. Eggertsville, New York
   
8. Watervliet, New York
   
9. Mattydale, New York
   
10. Somersworth, New Hampshire

[h/t Realtor.com]