This archive report was first published on 24 July 2019.
July 24, 2019
First-time homebuyers in the US are on a mission to find affordable homes in prosperous markets, but scoring a deal is easier said than done. According to Zillow, first-time homebuyers account for 46% of all homebuyers and are more likely than veteran homebuyers to go over their budgets.
Markets like San Francisco and Seattle are particularly challenging, with Zillow reporting trends of competitive prices, low inventory, and weak home value appreciation forecasts. To establish a list of the most difficult markets for first-time homebuyers, Zillow evaluated metropolitan areas on four data points: current median home value, strength of home value appreciation forecast, size of current inventory, and current percentage of listings with a price cut.
Here's a ranking of the top 10 most difficult metros for first-time homebuyers, based on data from Zillow as of June 2019:
- San Francisco, CA
- Seattle, WA
- San Jose, CA
- Los Angeles, CA
- San Diego, CA
- Denver, CO
- Portland, OR
- Minneapolis-St. Paul, MN
- Washington, D.C.
- Boston, MA
