With many real estate experts looking to the Midwest as a bright spot in the new year, Zillow has also zeroed in on the region as having the best metros for first-time buyers.
Based on mortgage affordability, rent affordability, the inventory-to-buyer ratio which indicates available supply and the share of listings with a price cut, Wichita came in at no. 1. According to Zillow, the typical mortgage payment as a percentage of income in Wichita stands at 32 percent, with the estimated inventory to buyer ratio at 22 to 1.
Toledo came in at no. 2, where 26 percent of income, on average, would be needed for mortgage payments. The inventory ratio to buyers, however, is just 5 to 1. Syracuse Akron and Cleveland round out the top five.
- The rest of the top 10 includes:
- St Louis
- Little Rock