Story at a glance
- There are three housing markets in the Empire State that have topped the list as best for first-time buyers
- 95 percent of prospective first-time buyers believe they will afford a home within their lifetime
- 40 percent of prospective first-time buyers say they will afford to purchase a home within the next year
It looks like 2024 is going to be another challenging year for people looking to buy a home, but for first-time buyers, these three housing markets in New York might the place to start.
Relator.com released its list of best markets based on the availability of homes for sale, the affordability of the homes, measure of job opportunities in the area and commute times, and a measure of the culture in the area.
“Buying a first home can be a daunting task,” Danielle Hale, Realtor.com’s chief economist, said in a statement. “Couple high interest rates with historically low inventory of homes available for sale in 2023 and hopeful buyers have faced a particularly challenging market.”
Hale explained that while affordability will remain an issue in 2024, the small to mid-size towns and cities on the list are “hidden gems of opportunity where affordability meets healthy inventory, culture and liveliness, lower than average commute times, forecasted price growth, and good company of similar-aged peers.”
Irondequoit, N.Y., — just outside of Rochester — was ranked first as the best market for first-time buyers. The median listing price in the area was $187,000 and the company forecasted that the share of 25–34-year-old owners in the area was 8.2 percent.
Two other New York markets topped the list, including Cheektowaga, N.Y., a suburb of Buffalo, which was ranked as the 6th best market in the U.S. for first-time homeowners. The median listing price in the area is $199,000 and there’s about 7.2 percent of owners aged 25-35 in the area. Another city, Mattydale, N.Y., — near Syracuse — ranked 9th on the list, with the median listing price at $138,450 and 7.4 percent of young homeowners in the area.
Other locations on the list included Benton, Ark.; Winterset, Iowa; Newington, Conn.; Council Bluffs, Iowa; Grand Rapids, Mich.; Moore, Okla., and Riviera Beach, Md.
Using data provided by Yelp, Realtor.com said it filtered out communities that didn’t have good entertainment, such as theaters, comedy clubs, art classes, shopping, restaurants and bars.
All of the cities on the list are located within or near a metro area that is outpacing national growth rates for home sales and none of them are expected to see home price declines in the next year, per the organization.
Realtor.com ranked 2,738 cities with populations of at least 5,000 and are located within the country’s 100 largest metro areas.
According to the release, 61 percent of first-time homebuyers are feeling optimistic that now is a good time to purchase a home or that they will be able to afford one in their lifetime. Almost all, 95 percent, said they will be able to afford a home at some point and 40 percent say they will be able to afford to purchase a home within the next year.
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