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The 10 best markets for first-time home buyers in 2023

Ten markets are the most appealing for first-time home buyers for 2023, according to a Zillow report.

RE+D magazine

12.12.2022

The “best opportunity” for first-time buyers is in metros with more affordable rent, less competition and a higher inventory of homes for sale.

After bidding wars during the pandemic, demand for home purchases has fallen amid higher mortgage interest rates. That dynamic has made some markets are more attractive for first-time home buyers for 2023, according to a Zillow report released this week.

The real estate site found the “best opportunity” for first-time buyers in metros areas with more affordable rent, less competition and a higher inventory of homes for sale.

“The affordability hurdle is very tough,” said Matt Hackett, manager of operations at Equity Now, a mortgage lender in Mamaroneck, New York, that operates in five states.

10 best markets for first-time home buyers in 2023

These are the best metros for first-time home buyers in 2023 based on mortgage and rent affordability, housing supply and the share of listings with a price cut, according to Zillow.