most accessible metro for first-time buyers – RISMedia |

It’s no secret that buyers have struggled in recent years, with soaring demand driving up prices and creating a competitive environment that makes it nearly impossible to win a bid for a home. There are, however, some areas in which first-time buyers will find it much easier, according to a new Loan tree report.

LendingTree took into account the following:

– Average amount of the deposit
– Average percentage of down payment
– Share of buyers using an FHA loan
– Percentage of buyers with a credit score below 680
– Share of owners who spend 30% or more of their monthly income on housing costs

Here are the top three subways for first-time home buyers:

1. Kansas City, Missouri
Average deposit amount: $ 30,219
Average down payment percentage: 10.1%
% of buyers with a credit score below 680: 21.1%
Share of buyers using an FHA loan: 10.2%
Share of households spending 30% or more of their income on housing: 20.7%

2. Oklahoma City, Oklahoma
Average deposit amount: $ 28,777
Average down payment percentage: 10.7%
% of buyers with a credit score below 680: 20.8%
Share of buyers using an FHA loan: 11.6%
Share of households spending 30% or more of their income on housing: 22.6%

3. Louisville, Kentucky
Average deposit amount: $ 46,375
Average down payment percentage: 13%
% of buyers with a credit score below 680: 20.5%
Share of buyers using an FHA loan: 10.1%
Share of households spending 30% or more of their income on housing: 21.7%

In terms of areas to avoid, the following three subways ranked among the worst places for first-time homebuyers due to unaffordable down payments and other factors: New York City, San Jose California, and San Francisco.

To view the full report, Click here.


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