First-time homebuyers who have just reached the threshold for a down payment can face steep competition from seasoned homeowners with established equity. And as the cost of living increases, some of these first-time hopefuls could be squeezed out of more expensive areas.
With this in mind, SmartAsset examined the current state of the housing market in 185 metro areas to determine the best places for first-time homebuyers to snag an affordable home. Places were ranked according to several metrics including affordability, competition and social characteristics of each housing market.
This study examined 185 metro areas for which data was available. Cities were ranked based on four metrics, composed of:
This story was produced by SmartAsset and reviewed and distributed by Stacker Media.