Yahoo Finance 50 Best Cities for First-Time Homebuyers in 2024
Buying a home for the first time is one of the most important personal finance decisions you can make for your future, from your financial viability to the memories you’ll make.
However, finding the right home for you is more than just picking out the right colors or planning what you’ll do with the perfect yard space. Like many elements in life, it can all boil down to location, location, location.
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Whether you’re looking for a home with many bedrooms or just one, or even a condo, you’ll find certain places around the country are more affordable than others. The good news is that you can find the right city for you — regardless of your preferences in climate or culture — almost anywhere.
Rochester, Minnesota
Home Value: $320,326
Mortgage Payment: $1,937
Condo Value: $173,885
Condo Mortgage: $1,052
One Bedroom Home Value: $159,958
One Bedroom Mortgage: $967
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Naperville, Illinois
Home Value: $555,010
Mortgage Payment: $3,357
Condo Value: $256,038
Condo Mortgage: $1,549
One Bedroom Home Value: $171,164
One Bedroom Mortgage: $1,035
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Lawrence, Kansas
Home Value: $302,097
Mortgage Payment: $1,827
Condo Value: $161,009
Condo Mortgage: $974
One Bedroom Home Value: $163,606
One Bedroom Mortgage: $990
Richardson, Texas
Home Value: $457,973
Mortgage Payment: $2,770
Condo Value: $210,667
Condo Mortgage: $1,274
One Bedroom Home Value: $180,405
One Bedroom Mortgage: $1,091
Lexington, Kentucky
Home Value: $298,121
Mortgage Payment: $1,803
Condo Value: $213,994
Condo Mortgage: $1,294
One Bedroom Home Value: $152,700
One Bedroom Mortgage: $924
Ann Arbor, Michigan
Home Value: $497,682
Mortgage Payment: $3,010
Condo Value: $358,476
Condo Mortgage: $2,168
One Bedroom Home Value: $248,750
One Bedroom Mortgage: $1,505
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Beaverton, Oregon
Home Value: $553,181
Mortgage Payment: $3,346
Condo Value: $328,747
Condo Mortgage: $1,988
One Bedroom Home Value: $250,706
One Bedroom Mortgage: $1,516
Denton, Texas
Home Value: $365,926
Mortgage Payment: $2,213
Condo Value: $204,483
Condo Mortgage: $1,237
One Bedroom Home Value: $208,607
One Bedroom Mortgage: $1,262
Hillsboro, Oregon
Home Value: $544,019
Mortgage Payment: $3,290
Condo Value: $357,652
Condo Mortgage: $2,163
One Bedroom Home Value: $304,638
One Bedroom Mortgage: $1,843
Metairie, Louisiana
Home Value: $283,379
Mortgage Payment: $1,714
Condo Value: $129,504
Condo Mortgage: $783
One Bedroom Home Value: $118,288
One Bedroom Mortgage: $715
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Norman, Oklahoma
Home Value: $248,875
Mortgage Payment: $1,505
Condo Value: $107,121
Condo Mortgage: $648
One Bedroom Home Value: $99,743
One Bedroom Mortgage: $603
St. Petersburg, Florida
Home Value: $381,107
Mortgage Payment: $2,305
Condo Value: $252,913
Condo Mortgage: $1,530
One Bedroom Home Value: $174,885
One Bedroom Mortgage: $1,058
Brandon, Florida
Home Value: $366,321
Mortgage Payment: $2,216
Condo Value: $169,185
Condo Mortgage: $1,023
One Bedroom Home Value: $151,008
One Bedroom Mortgage: $913
Sioux Falls, South Dakota
Home Value: $321,648
Mortgage Payment: $1,945
Condo Value: $216,850
Condo Mortgage: $1,312
One Bedroom Home Value: $147,350
One Bedroom Mortgage: $891
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Fort Wayne, Indiana
Home Value: $225,268
Mortgage Payment: $1,362
Condo Value: $213,527
Condo Mortgage: $1,291
One Bedroom Home Value: $91,313
One Bedroom Mortgage: $552
Plano, Texas
Home Value: $528,786
Mortgage Payment: $3,198
Condo Value: $274,302
Condo Mortgage: $1,659
One Bedroom Home Value: $241,518
One Bedroom Mortgage: $1,461
Spokane Valley, Washington
Home Value: $400,473
Mortgage Payment: $2,422
Condo Value: $209,580
Condo Mortgage: $1,268
One Bedroom Home Value: $232,725
One Bedroom Mortgage: $1,408
Arlington, Virginia
Home Value: $797,214
Mortgage Payment: $4,822
Condo Value: $432,061
Condo Mortgage: $2,613
One Bedroom Home Value: $371,690
One Bedroom Mortgage: $2,248
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Independence, Missouri
Home Value: $194,315
Mortgage Payment: $1,175
Condo Value: $163,436
Condo Mortgage: $989
One Bedroom Home Value: $90,684
One Bedroom Mortgage: $548
Omaha, Nebraska
Home Value: $278,352
Mortgage Payment: $1,684
Condo Value: $225,217
Condo Mortgage: $1,362
One Bedroom Home Value: $148,562
One Bedroom Mortgage: $899
Lincoln, Nebraska
Home Value: $276,124
Mortgage Payment: $1,670
Condo Value: $221,401
Condo Mortgage: $1,339
One Bedroom Home Value: $206,420
One Bedroom Mortgage: $1,248
Columbia, Missouri
Home Value: $292,287
Mortgage Payment: $1,768
Condo Value: $186,319
Condo Mortgage: $1,127
One Bedroom Home Value: $142,122
One Bedroom Mortgage: $860
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Greensboro, North Carolina
Home Value: $255,891
Mortgage Payment: $1,548
Condo Value: $171,833
Condo Mortgage: $1,039
One Bedroom Home Value: $141,550
One Bedroom Mortgage: $856
Huntsville, Alabama
Home Value: $282,670
Mortgage Payment: $1,710
Condo Value: $176,388
Condo Mortgage: $1,067
One Bedroom Home Value: $137,703
One Bedroom Mortgage: $833
Arvada, Colorado
Home Value: $625,158
Mortgage Payment: $3,781
Condo Value: $404,370
Condo Mortgage: $2,446
One Bedroom Home Value: $355,173
One Bedroom Mortgage: $2,148
Des Moines, Iowa
Home Value: $199,739
Mortgage Payment: $1,208
Condo Value: $194,141
Condo Mortgage: $1,174
One Bedroom Home Value: $129,402
One Bedroom Mortgage: $783
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Tallahassee, Florida
Home Value: $286,005
Mortgage Payment: $1,730
Condo Value: $176,615
Condo Mortgage: $1,068
One Bedroom Home Value: $124,614
One Bedroom Mortgage: $754
Pittsburgh
Home Value: $227,329
Mortgage Payment: $1,375
Condo Value: $232,663
Condo Mortgage: $1,407
One Bedroom Home Value: $152,291
One Bedroom Mortgage: $921
San Antonio
Home Value: $257,711
Mortgage Payment: $1,559
Condo Value: $191,702
Condo Mortgage: $1,159
One Bedroom Home Value: $124,460
One Bedroom Mortgage: $753
Orlando, Florida
Home Value: $384,415
Mortgage Payment: $2,325
Condo Value: $212,397
Condo Mortgage: $1,285
One Bedroom Home Value: $167,534
One Bedroom Mortgage: $1,013
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Thornton, Colorado
Home Value: $533,835
Mortgage Payment: $3,229
Condo Value: $356,809
Condo Mortgage: $2,158
One Bedroom Home Value: $228,356
One Bedroom Mortgage: $1,381
Akron, Ohio
Home Value: $126,631
Mortgage Payment: $766
Condo Value: $185,028
Condo Mortgage: $1,119
One Bedroom Home Value: $75,128
One Bedroom Mortgage: $454
Pembroke Pines, Florida
Home Value: $503,152
Mortgage Payment: $3,043
Condo Value: $242,935
Condo Mortgage: $1,469
One Bedroom Home Value: $181,548
One Bedroom Mortgage: $1,098
Virginia Beach, Virginia
Home Value: $397,887
Mortgage Payment: $2,407
Condo Value: $329,094
Condo Mortgage: $1,990
One Bedroom Home Value: $220,889
One Bedroom Mortgage: $1,336
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Alexandria, Virginia
Home Value: $643,498
Mortgage Payment: $3,892
Condo Value: $368,071
Condo Mortgage: $2,226
One Bedroom Home Value: $304,786
One Bedroom Mortgage: $1,843
Raleigh, North Carolina
Home Value: $442,852
Mortgage Payment: $2,678
Condo Value: $315,319
Condo Mortgage: $1,907
One Bedroom Home Value: $293,723
One Bedroom Mortgage: $1,777
Waterbury, Connecticut
Home Value: $245,209
Mortgage Payment: $1,483
Condo Value: $150,942
Condo Mortgage: $913
One Bedroom Home Value: $105,149
One Bedroom Mortgage: $636
El Paso, Texas
Home Value: $221,636
Mortgage Payment: $1,341
Condo Value: $172,117
Condo Mortgage: $1,041
One Bedroom Home Value: $129,282
One Bedroom Mortgage: $782
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Richmond, Virginia
Home Value: $348,593
Mortgage Payment: $2,108
Condo Value: $308,191
Condo Mortgage: $1,864
One Bedroom Home Value: $252,223
One Bedroom Mortgage: $1,526
Clarksville, Tennessee
Home Value: $302,431
Mortgage Payment: $1,829
Condo Value: $216,630
Condo Mortgage: $1,310
One Bedroom Home Value: $168,620
One Bedroom Mortgage: $1,020
Mesa, Arizona
Home Value: $440,289
Mortgage Payment: $2,663
Condo Value: $257,988
Condo Mortgage: $1,560
One Bedroom Home Value: $211,253
One Bedroom Mortgage: $1,278
Grand Rapids, Michigan
Home Value: $276,947
Mortgage Payment: $1,675
Condo Value: $311,483
Condo Mortgage: $1,884
One Bedroom Home Value: $230,301
One Bedroom Mortgage: $1,393
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St. Paul, Minnesota
Home Value: $284,228
Mortgage Payment: $1,719
Condo Value: $202,586
Condo Mortgage: $1,225
One Bedroom Home Value: $166,553
One Bedroom Mortgage: $1,007
Bridgeport, Connecticut
Home Value: $316,975
Mortgage Payment: $1,917
Condo Value: $187,304
Condo Mortgage: $1,133
One Bedroom Home Value: $157,505
One Bedroom Mortgage: $953
Dallas
Home Value: $316,469
Mortgage Payment: $1,914
Condo Value: $242,874
Condo Mortgage: $1,469
One Bedroom Home Value: $173,071
One Bedroom Mortgage: $1,047
Las Vegas
Home Value: $414,662
Mortgage Payment: $2,508
Condo Value: $249,613
Condo Mortgage: $1,510
One Bedroom Home Value: $205,504
One Bedroom Mortgage: $1,243
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Jacksonville, Florida
Home Value: $298,584
Mortgage Payment: $1,806
Condo Value: $209,565
Condo Mortgage: $1,268
One Bedroom Home Value: $163,526
One Bedroom Mortgage: $989
West Palm Beach, Florida
Home Value: $400,565
Mortgage Payment: $2,423
Condo Value: $238,597
Condo Mortgage: $1,443
One Bedroom Home Value: $180,467
One Bedroom Mortgage: $1,092
Clearwater, Florida
Home Value: $374,143
Mortgage Payment: $2,263
Condo Value: $244,110
Condo Mortgage: $1,476
One Bedroom Home Value: $165,568
One Bedroom Mortgage: $1,001
Madison, Wisconsin
Home Value: $380,800
Mortgage Payment: $2,303
Condo Value: $249,857
Condo Mortgage: $1,511
One Bedroom Home Value: $236,076
One Bedroom Mortgage: $1,428
For this study, GOBankingRates analyzed home value across the United States to find the best places for first time homebuyers. GOBankingRates started by finding the top 300 cities by total number of households as sourced from the U.S. Census American Community Survey. The total population and median household income were also included from the same source. For each city, the average home value was found for all homes, condos and one bedroom homes as sourced from the Zillow Home Value Index for March 2024. Assuming a 10% down payment and using the national 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated for each city. The livability index was sourced from AreaVibes as a factor to determine quality of life, and to qualify for this study, the city had to have a livability index of 80 or higher. The livability index, median household income, mortgage for all homes, mortgage for condos and mortgage for one bedroom homes were all scored. The scores were sorted to show the best cities for first-time homebuyers. All data was collected on and is up to date as of April 18, 2024.
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This article originally appeared on GOBankingRates.com: 50 Best Cities for First-Time Homebuyers in 2024
