REAL ESTATE: Best Cities For First Time Home Buyers

From cnbc.com:

Fewer than 35 percent of adults under age 35 own a home, according to personal finance site SmartAsset.

While buying a home may seem like a daunting process in your 20s or even early 30s, it’s more than possible — if you know where to look.

In a 2016 report, SmartAsset determined the best U.S. cities for first-time homebuyers. The site ranked every U.S. city with a population of over 300,000 based on seven metrics: the number of mortgage lenders, loan funding rate, value per square foot of home, affordability ratio (the ratio of median household income to ownership costs), homeowner stability, market volatility and the number of quarters since 2010 that home prices declined. You can read the full methodology in the report.

According to the findings, first-time homeowners will get the best buys in Oklahoma and Texas — six of the top 15 cities are in these two states.

Read on to see which cities made the cut. We also included the percentage of loans that get approved (for reference, the average loan funding rate for major U.S. cities is 69 percent), the average price per square foot of home, the average monthly mortgage payment (based on a 30-year fixed mortgage rate), and the median household income for each city, all provided by SmartAsset.

15. Anchorage, Alaska

Loan funding rate: 79%

Average price per square foot of home: $191

Average monthly mortgage payment: $1,110

Median household income: $78,121

14. Columbus, Ohio

Loan funding rate: 76%

Average price per square foot of home: $78

Average monthly mortgage payment: $570

Median household income: $51,890

13. Arlington, Texas

Loan funding rate: 73%

Average price per square foot of home: $82

Average monthly mortgage payment: $529

Median household income: $57,727

To see the other 12, read more @

http://www.cnbc.com/2016/08/22/the-15-best-cities-for-first-time-home-buyers.html

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