It is no secret that the housing market has been ultra competitive, especially in the last year. This was caused by a skyrocketing demand for single-family homes that the market simply could not meet, as supply has been running low ever since the end of the economic crash of 2008.
Because of this implication, as well as financial constraints, it is becoming all the more difficult for first-time homebuyers to find a home that they love.
However, it is not uncommon for one to make compromises on certain features. As of late, it seems as though the biggest area of compromise has been location, with homebuyers opting to move out of the area — or even state — of their choice for the sake of cutting costs.
This does not necessarily have to be viewed as a bad thing, though, as many smaller metropolitan areas are growing at a rapid pace, bringing forth new business opportunities and environments that are more friendly to younger generations.
With that in mind, let us take a look at some metropolitan areas that may be perfect for first-time homebuyers.
Home of Elvis Presley’s Graceland, Memphis is focusing their efforts on attracting locals back to city limits with its renowned arts and music scene, as well as an improved culinary experience.
So far, this tactic has been rather effective, as it has drawn young professionals, new families, and empty nesters alike. However, those who are interested in the area ought to act quickly, as homes priced within the $150,000 to $300,000 range are snapped up rather quickly.
Although Allentown seemingly fell from grace when their iconic steel factories closed their doors, it has been revived by the construction of major distribution centers — namely, Amazon and Walmart.
Due to the abundance of both blue- and white-collar jobs, as well as low housing costs, nearly anyone can become a homeowner in Allentown. This promise has attracted hoards of younger workers and families alike, thus increasing the area’s homeownership by approximately seven percent.
Once upon a time, Syracuse was a thriving manufacturing hub. However, as time went on and the economy crashed, the city practically collapsed. Foreclosures swept the housing market at an alarming rate, thus sinking the area in ways many could not have imagined.
In recent years, though, the city has been revived by an influx of multigenerational families of refugees. Due to the sheer size of these families, multiple homes are often bought at once — one for the core family, one for older parents and grandparents, and one for grown children who are starting a family of their own.
This rapid growth has also brought forth opportunities to flip abandoned properties, improve the area’s quality of life, and boost the economy overall, making it a more viable area for out-of-towners to settle down in.