First-time homebuyers will have better luck in some spots than others.
New homebuyers are far better off purchasing a home in many towns in the middle of the country, and far worse off in many cities in California, according to an analysis released this week by financial website SmartAsset.com. The site examined data on housing affordability for people living in the area (as measured by the ratio of median household income over five years to ownership costs over five years, including closing costs, mortgage payments, insurance and taxes), ease of getting a mortgage and the stability of the housing markets in cities with populations of 300,000 or more.
Oklahoma City tops the list, thanks largely to how affordable homes are in the area for those who work there (the median home is only about $125,000, according to Zillow) and how stable the housing market is. Tulsa, Okla. is second on the list; even though it has fewer mortgage lenders than Oklahoma City, it is even more affordable for residents with the median home costing just over $100,000. Indianapolis, Pittsburgh and Houston round out the top five. (Added bonus: all of these cities have unemployment rates below the national average.)
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