What are the top U.S. cities for starter homes? The folks over at StorageCafe took a look at over 100 cities and ranked them across more than 20 factors including home values for 2-bedroom homes, 5-year sales activity involving properties averaging 1,700 square feet or less, mortgage rates, incomes and cost of living, to come up with the best areas and cities for first-time homebuyers.
They define starter homes (aka entry-level homes) as being smaller and more affordable properties, and are often specifically targeted at first-time homebuyers. They are normally around 1,700 square feet or less, generally have 2 bedrooms, and are listed for less than the local median price.
“Housing costs have increased dramatically in both for-sale and for-rent housing, but on a monthly basis, purchasing may still present a better option in specific feeder markets driven by tech and employment growth,” says Doug Ressler, manager of business intelligence at Yardi Matrix.
Click here to read the full report at Storagecafe.com.