Here’s where first-time buyers can afford to buy a home around the country. Lending Tree recently released research on the top cities that still offer first-time buyer affordability. The best cities for first-time homeowners include Pittsburgh, Cleveland, and Oklahoma City.
Lending Tree crunched the numbers by ranking the country’s 50 largest metros looking at down payment amounts, down payments as a percentage of purchase price, share of affordable homes to median income families and the percent of buyers with credit scores below 680.
“The first-time buyer has fewer financial resources than the move-up buyer who can use equity towards their down payment,” notes Lending Tree’s chief economist Tendayi Kapfidze. “Because they have those financial resources, they are a stronger buyer. Our research shows it’s easier to become a homeowner in rustbelt cities,” he adds.
Pittsburgh and Cleveland both tied for first place with Oklahoma City behind in third place. According to Lending Tree’s research, Oklahoma City, Cleveland, and Memphis have the lowest down payments, averaging $32,000. That’s lower than the average down payment in the 50 top metros, Lending Tree looked at. Good news for first-time buyers.
First-time buyers Laura and Rob Bray of Pittsburgh are happy with…