WASHINGTON–The home market is booming for nearly everyone, except first-time homebuyers, according to a new analysis from the National Association of Realtors that has identified the top five and worst five markets for real estate “newbies.”
The NAR said that in November the share of first-time buyers had declined in 2015 for the third consecutive year and remained at its lowest point in nearly three decades. First-time buyers made up 32% of all buyers in 2015, down from 33% the year before.
Seeking to identify markets it said are “newbie-friendly,” where quality, affordable homes are available for the 25-34-year-old market, the NAR said it looked at the top 100 markets according to affordability, inventory, mortgage availability, and livability.
According to the NAR, the top five markets for first-time homebuyers are:
1.Portland, Maine. Median price: $304,000. Unemployment: 3.3%
2.Philadelphia. Median price: $222,000. Unemployment: 4.8%
3. St. Louis. Median price: $164,000. Unemployment: 5.2%
4. Allentown, Penn. Median price: $188,000. Unemployment: 5%
5. Albany, N.Y. Median price: $238,000. Unemployment: 4.5%
The NAR said its analysis found the five worst cities for first-time homebuyers are:
1. Stockton, Calif. Median price: $340,000. Unemployment: 8.8%
2. Fresno, Calif. Median price: $262,000. Unemployment: 10.5%
3. Bakersfield, Calif. Median price: $222,000. Unemployment: 10.9%
4. Sacramento, Calif. Median price: $428,000. Unemployment: 5.4%
5. Riverside, Calif. Median price: $344,000. Unemployment: 5.8%