“The Steel City secured the top spot as the best city for first-time homebuyers,” reports SmartAsset.com. “First-time homebuyers in Pittsburgh should be excited about the affordability of local homes. According to our data, the average price per square foot of a home in Pittsburgh is only $91, 13th-lowest in our study.”
First-time homebuyers can feel relatively confident that their home won’t lose value right off the bat, the report continues. “Pittsburgh had zero quarters of negative growth in home values between 2012 and 2017. For that metric, the city is tied for first.”
It’s the second year that Pittsburgh was on the Best Cities for First-Time Homebuyers list which was started four years ago.
To rank the best places for first-time homebuyers, SmartAsset compared data for seven factors: the number of HUD-approved lenders, loan funding ratio, average price per square foot, affordability ratio, stability score, price variance, and the number of negative quarters from the first quarter of 2012 to the fourth quarter of 2017.
While this is a good thing for local homebuyers, as NEXTpittsburgh recently reported in a Trends in real estate story, pent-up demand has resulted in low inventory here in Pittsburgh and in many parts of the country. Houses that are priced right are selling quickly and multiple offers aren’t uncommon.
Real estate experts see the trend continuing throughout the summer, a time when house sales usually slow down.
Here are the other cities that made the Best Cities for First-time Buyers list:
2. Oklahoma City, Oklahoma
3. Omaha, Nebraska
4. Houston, Texas
5. Tulsa, Oklahoma
6. Indianapolis, Indiana
7. San Antonio, Texas
8. Wichita, Kansas
9. Louisville, Kentucky
10. Dallas, Texas
Read the full article here on smartasset.com, a site with a mission to empower people to make smart financial decisions.