The 10 Best Housing Markets For First Time Buyers (2023)
Being a first-time home buyer can be an exciting but overwhelming experience. While it’s easy to get caught up in the aesthetics of a house or the excitement of owning your own property, it’s important to remember that real estate is an investment. One of the most important decisions a first-time home buyer can make is choosing a good market.
A good market means that you’re getting the most bang for your buck. A good market has a healthy and growing economy, a stable job market, good schools, and affordable property prices.
When you purchase a property in a good market, you’re not only getting a home that you love, but you’re also making a sound investment that will appreciate in value over time. After all, it’s your hard-earned money. So, take the time to research different markets and choose the one that is right for you, and you’ll be on your way to a successful and rewarding first-time home buying experience.
Realtor.com recently unveiled its list of the top housing markets for first-time buyers this year, ideal for young adults who are prepared to move out of their parents’ homes. This list was compiled based on factors such as available inventory, average commute times, age of residents, strength of the housing market, and nearby recreational activities. The top ten markets on this list are:
Somersworth, N.H.
Somersworth is a small city located in southeastern New Hampshire that is a great option for young people and first-time real estate buyers. The city has a rich history and a diverse community of approximately 11,000 people. Somersworth offers an affordable cost of living, strong public schools, access to outdoor recreation, cultural attractions, and a strong sense of community. Residents enjoy a number of community events and activities throughout the year, providing opportunities for socialization and making new connections. Despite its small size, Somersworth is located close to several larger cities, including Portsmouth, NH, and Portland, Maine, which provides additional amenities and opportunities for residents.
Mattydale, N.Y.
Mattydale is a small hamlet located in central New York State, just north of Syracuse. The hamlet is a great option for young people and first-time real estate buyers due to its affordability, sense of community, and convenient location. Mattydale has a variety of affordable housing options for first-time homebuyers, including single-family homes, townhouses, and condos. The community is close-knit and welcoming, with a number of community events and activities throughout the year, such as summer festivals, farmer’s markets, and holiday celebrations. Mattydale is conveniently located just a few miles from Syracuse, which offers additional amenities, including shopping, dining, and cultural attractions. Additionally, the hamlet is situated near several major highways, which provide easy access to other parts of the region. Overall, Mattydale is a great option for young people and first-time real estate buyers who are looking for an affordable, welcoming community with convenient access to a larger city.
Watervliet, N.Y.
Watervliet, NY is a charming small city in Albany County, New York, with plenty to offer for young people and first-time homebuyers. The town boasts a low cost of living, making it an excellent choice for anyone looking to make their budget go further. The town’s location also offers easy access to the state’s capital, Albany, as well as the surrounding areas. Additionally, Watervliet is known for its excellent schools, both public and private, making it a great choice for families with children. The town is home to several parks and playgrounds, providing ample opportunities for outdoor activities, including hiking, biking, and picnicking. For those interested in history and culture, Watervliet has several museums and historical sites, including the Watervliet Arsenal, which is the country’s oldest manufacturing arsenal. The town’s local economy is also strong, with several job opportunities in various industries, such as education, healthcare, and manufacturing. In terms of real estate, the town offers a range of housing options, from cozy apartments to spacious single-family homes, making it a great choice for first-time homebuyers.
Eggertsville, N.Y.
Eggertsville, NY is a small suburban community located just outside of Buffalo, and it’s a great option for young people and first-time real estate buyers. The community is known for its affordable housing market, with a variety of housing options including single-family homes, townhouses, and condos. Eggertsville also offers a range of amenities, such as parks and recreation areas, shopping centers, and dining options. The community has a strong sense of pride and togetherness, with plenty of community events and gatherings throughout the year. Plus, its proximity to Buffalo means residents can take advantage of the city’s vibrant culture and thriving job market, while still enjoying the relaxed pace of suburban life. Overall, Eggertsville is an ideal location for anyone seeking an affordable, family-friendly community with convenient access to both city and suburban amenities.
Magna, Utah
Magna, Utah is a charming town located just outside of Salt Lake City, offering residents a perfect blend of small-town living and big-city amenities. It is a great place for young people and first-time real estate buyers to call home, with a range of affordable housing options, including single-family homes and condos. The town is known for its beautiful natural scenery, with easy access to the Wasatch Mountains, Great Salt Lake, and the Oquirrh Mountains. It is also home to several parks, including the Magna Copper Park, which has a splash pad, playgrounds, and athletic fields. Magna is known for its tight-knit community, with many family-friendly events and activities held throughout the year, such as the Magna Main Street Arts Festival and the Magna Easter Egg Hunt. The town has a strong economy, with many job opportunities available in industries such as healthcare, education, and manufacturing. Magna also offers a low cost of living, making it an excellent place for young people and first-time homebuyers to get their start in homeownership.
Moore, Okla.
Moore, Oklahoma is a wonderful town located just south of Oklahoma City, making it a convenient option for young people and first-time real estate buyers looking to live near the city. The town is home to a range of affordable housing options, including single-family homes and townhouses, as well as a variety of amenities and activities that cater to families and young professionals. Moore boasts a strong sense of community, with many family-friendly events held throughout the year, including a popular farmers market and an annual outdoor music festival. The town is also home to many parks and recreational areas, which offer plenty of opportunities for hiking, camping, and exploring the great outdoors. In addition to its natural attractions, Moore is home to a thriving job market with many healthcare, education, and retail industries in the area. With easy access to Oklahoma City, residents can enjoy the city’s many cultural and entertainment options, such as the Oklahoma City Museum of Art, Bricktown entertainment district, and Chesapeake Energy Arena, home to the NBA’s Oklahoma City Thunder. Overall, Moore is an excellent option for anyone seeking an affordable and welcoming community with plenty of amenities and opportunities for both work and play.
Gloucester City, N.J.
Gloucester City, New Jersey is a charming and historic town located along the Delaware River, just a short drive from Philadelphia. It is a great place for young people and first-time real estate buyers to call home, with a range of affordable housing options including single-family homes and townhouses. The town has a rich cultural and industrial history, with many landmarks and museums to explore, and a bustling downtown area filled with shops, restaurants, and entertainment options. Gloucester City is also home to many parks and recreational areas, including the beautiful Proprietors Park, which offers stunning views of the river and Philadelphia skyline. In addition, the town has a strong sense of community, with many family-friendly events and activities held throughout the year, such as the Gloucester City Summer Festival and the Gloucester City Green Festival. With its convenient location near Philadelphia, residents can easily take advantage of the city’s many cultural and entertainment options, as well as its strong job market.
Windsor Locks, Conn.
Windsor Locks, Connecticut is a small town located in Hartford County, just a short drive from both Hartford and Springfield, Massachusetts. It is an ideal place for young people and first-time real estate buyers to call home, with a range of affordable housing options including single-family homes and townhouses. The town has a charming downtown area, filled with shops, restaurants, and entertainment options, as well as many parks and recreational areas, including the Windsor Locks Canal State Park Trail, which offers hiking, biking, and fishing opportunities. Windsor Locks is also home to the New England Air Museum, which showcases the region’s aviation history, and is a great attraction for families and aviation enthusiasts alike. With its convenient location near both Hartford and Springfield, residents can easily take advantage of the many job opportunities and cultural attractions these cities have to offer. In addition, Windsor Locks is home to Bradley International Airport, making it an excellent location for frequent travelers.
DeForest, Wis.
DeForest, Wisconsin is a small town located just north of Madison, the state’s capital. It is an excellent place for young people and first-time real estate buyers to call home, with a range of affordable housing options, including single-family homes and townhouses. The town has a charming downtown area filled with shops, restaurants, and entertainment options, as well as many parks and recreational areas, including the Token Creek County Park, which offers hiking, fishing, and camping opportunities. DeForest is also home to several excellent schools, including the DeForest Area School District, which is known for its strong academics and extracurricular programs. With its convenient location near Madison, residents can easily take advantage of the city’s many job opportunities and cultural attractions, including the University of Wisconsin-Madison and the Overture Center for the Arts. In addition, DeForest has a strong sense of community, with many family-friendly events and activities held throughout the year, such as the DeForest Farmers Market and the Yahara Riverfest.
Portsmouth, Va.
Portsmouth, Virginia is a historic city in the Hampton Roads region, with a rich cultural heritage dating back to the colonial era. It is an excellent place for young people and first-time real estate buyers to call home, with a range of affordable housing options, including apartments, townhouses, and single-family homes. The city has a vibrant downtown area filled with shops, restaurants, and entertainment options, as well as many parks and recreational areas, including the Portsmouth City Park, which offers hiking trails, picnic areas, and a skate park. Portsmouth is also home to several excellent schools, including the Portsmouth Public Schools, which is known for its strong academic programs and supportive community. With its convenient location near Norfolk and Virginia Beach, residents can easily take advantage of the many job opportunities and cultural attractions these cities have to offer, including the Virginia Museum of Contemporary Art and the Norfolk Botanical Garden. In addition, Portsmouth has a strong sense of community, with many family-friendly events and activities held throughout the year, such as the Olde Towne Farmer’s Market and the annual Seawall Music Festival.