Many people are looking to escape the apartment trap and start investing that hard-earned money into their own homes. With a crazy economic market, unemployment is high, and house market values are going up.
These issues could spell troubling news for first-time homebuyers. Yet, some areas are more enticing than others. With lots of high-paying jobs and a competitive housing market, these are the cities to check out.
1. Nashville, TN
The home of country music, Nashville offers hot entertainment at every corner and an array of restaurants and tourist attractions. On the outskirts of the hustle and bustle lies welcoming suburbia living tucked in the foothills of the Great Smoky Mountains. Nashville has low unemployment numbers, along with high home appreciation rates and reasonable property taxes.
2. Grand Rapids, MI
When it comes to fresh air and sparkling water, the Great Lakes state of Michigan is a true winner. Grand Rapids is one such beautiful place to lay down some roots. It ranks high with home affordability, and cost-of-living expenses are competitive. Using a first-time home loan such as an FHA, which requires little down, makes it a win-win for new home buyers.
3. Reno, NV
Folks are flocking to Reno for its desert beauty and gorgeous cityscape. The nightlife is booming, and there’s easy access to world-class entertainment and dining. After a nice vacation, some people choose to stay permanently. Reno is a great place for new homeowners with pre-approval letters in hand to bid on the homes of their dreams. The housing market is booming, and many jobs are up for grabs despite low unemployment figures.
4. Virginia Beach, VA
Virginia Beach has one of the highest homeownership rates in the country, and for a good reason. It has a solid mixture of affordable housing, safety, education, and a thriving economy. This beach city offers year-round entertainment and focuses on family activities. House sales are competitive, but first-time homebuyers can find great deals in both the city and the burbs.
5. Olathe, KS
Young homeowners under 45 are flocking to the city of Olathe to raise their families. According to SmartAsset, it has a 62% home market favorability score along with high employment numbers — which means jobs pay well and offer perks and incentives to retain their employees for the long haul. Olathe is a great place to live and retire in the heart of the country.
Planning for the future starts with finding a home that’s affordable and offers a good promise of building equity over the years. There are many locations to choose from, but a career, the housing market, and interest rates all play into affordability. With a solid down payment and good first-time homebuyer loan terms, your dream home awaits.