These are the top 10 markets for first-time homebuyers
Bloomington, Illinois is the best place to settle down for first-time buyers
Bloomington, Illinois, located approximately 130 miles southwest of Chicago, is the best place to settle down for first-time homeowners, according to a new report.
The area was dubbed the top spot for first-time buyers, offering not only an abundance of affordable homes but also job opportunities as well as a "good mix of amenities," according to Realtor.com.
The real estate listings website compiled a list of the best marketplaces for potential new homeowners, namely millennials, amid an unprecedented "tight spring home-buying season."
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Realtor.com senior economic research analyst Sabrina Speianu projected that this upcoming season will be a challenge for such buyers who will effectively be competing with "equity-rich existing homeowners, second-home buyers, and investors" for a short supply of homes.
Home For sale (iStock)
Not only is there a "shrinking supply of existing homes for sale but there is also a "lower supply of newly constructed homes compared to historical norms."
To help, the site ranked 744 cities based on "key guiding criteria that a first-time home buyer may want to consider when choosing to potentially relocate in the search for greater affordability or a larger space."
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The top ten markets span the country from Savannah, Georgia, to Rapid City, South Dakota.
Here are Realtor.com’s top 10 markets for first time homebuyers for this spring season:
- Bloomington, Illinois
- Iowa City, Iowa
- Kalamazoo Michigan
- Great Falls, Montana
- Eau Claire, Wisconsin
- Savannah, Georgia
- Schenectady, New York
- Taylorsville, Utah
- Harrisonburg, Virginia
- Rapid City, South Dakota