The 10 Best US Cities for a First-Time Homebuyer in 2023

One silver lining Zillow noted is that people in some cities spend little on rent. That helps them save more for a down payment.

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The real estate portal, Zillow, did an analysis to identify the best real estate markets For people who want to buy a house for the first time this 2023.

The best cities for first-time homebuyers in 2023 are:

1. Wichita, Kansas
2. Toledo, Ohio
3. Syracuse, New York
4. Akron, Ohio
5. Cleveland Ohio
6. Tulsa, Oklahoma
7. Detroit, Michigan
8. Pittsburgh, Pennsylvania
9. St. Louis, Missouri
10. Little Rock, Arkansas

The results were obtained with data on whether or not the mortgage and rent were cheap, as well as the number of houses for sale available and the number of buyers.and the number of houses that had price decreases.

The study found that cities in the center of the country have more affordable prices for buyers than cities in coastal areas.

As you can see, the first city on the list is Wichita, Kansas, where there are an estimated 22 homes available for every interested buyer and about 22% of them reduced their prices in October.

Those factors mean homebuyers have more choice and bargaining power here.

Zillow’s ranking also highlights the city of Akron, Ohio, where there is much less inventory, but residents only spend 25% of their income on rent (compared to 44% nationally).

The benefit of this is that, the less people spend on rent, the faster they can save for a down payment. And that is something positive to highlight.

“Affordability continues to be the number one challenge for first-time homebuyers. If they can overcome that major hurdle, aspiring homebuyers have a better chance of landing a home than they have in several years,” said Amanda Pendleton, Zillow’s home trends expert, in a statement. Press release.

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