According to the report Best Markets for First-Time Home Buyers in 2024 of Zillowan American technology real estate market company, San Antonio, Texas ranks as one of the 10 best cities to buy your first home So it reports:
- Rental affordability: 22.6 percent
- Proportion of affordable properties: 32.8 percent
- Affordable properties per 100 tenants: 2.6
- Proportion of households of similar age: 30.6 percent
The classification of Zillow of The best markets for first-time buyers is based on rental affordability (how much of your income you spend on rent), the proportion of properties for sale that a typical family can comfortably afford and how stiff the competition is expected for those affordable listings, as well as how many families of similar age live in the same area.
What will the United States real estate market be like to buy your first home?
According to a study by Realtor, the US real estate listings website, first-home buyers will still face a challenging housing market in 2024, but there are some positives. For this year, the proportion of income needed to purchase a median-priced home is expected to begin to decline as mortgage rates fall, home prices decline and incomes grow.
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