Aug 10

First-Time Home Buyers? The 5 Popular Markets.

First-Time Home Buyers? The 5 Popular Markets.

First-Time Home Buyers? The 5 Popular Markets.

First-Time Home Buyers? The 5 Popular Markets.

Loans backed by the Federal Housing Administration often are a lure to first-time home buyers with its low down payment requirements. In some areas, FHA-backed loans are more common than others, creating hot-spots for first-time home buyers.

Inman News recently identified the top housing markets for first-time home buyers, factoring in where FHA-backed loans are the highest and the lowest median housing costs.

The following five markets made its list for top first-time home buyers spots:

1.   Wilmington, Del.

Percent of total sales to first-time buyers with FHA loans: 31

First Quarter 2012 median sales price for new and existing homes: $170,000

2.   Charleston, West Va.

Percent of total sales to first-time buyers with FHA loans: 30.7

Median sales price for new and existing homes: $131,500

3.   Visalia-Porterville, Calif.

Percent of total sales for first-time buyers with FHA loans: 30.5

Median sales price for new and existing homes: $118,000

4.   Merced, Calif.

Percent of total sales for first-time buyers with FHA loans: 29.6

Median sales price for new and existing homes: $107,000

5. Fresno, Calif.

Percent of total sales for first-time buyers with FHA loans: 28.8

Median sales price for new and existing homes: $135,000

See what other cities made the list.

Source: “10 Best Housing Markets for First-time Home Buyers,” Inman News (July 12, 2012)

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