Where to Buy a First Home in the United States
Achieving the American Dream, one mortgage at a time.
The first time you buy a home is a memorable and exciting experience in your life. Despite that, finding a home in your price range that you love can be challenging.
New buyers are better off in some states than in others, according to Business Insider. In order to learn more about market conditions in your state, you can research a few key statistics about home prices and values.
First-time buyers seeking a better value for their money and a place where their investment can grow will find more houses for their money in an area with an affordable median home value, low unemployment, and a high percentage of homeowners under 35. Homebuyers with a limited budget or who fear a tight housing market may not want to live in states where homeowners pay a high percentage of their income toward their mortgages.
First-time homebuyers find Iowa the best state to buy a house in. The median home value in Hawkeye State is $138,200, and residents pay only 13.1% of their income toward their mortgages. Utah, the second-place state, has a low unemployment rate of 3.4 percent, and 44 percent of its homeowners are under 35 years old. With 45 percent of homeowners under 35, Minnesota comes in third. In addition, the median home value is only $202,800.