Realtor.com Forecasts The 10 Best Markets For First-Time Buyers In 2024

First-time homebuyers are optimistic when it comes to buying a home in 2024 with 61 percent indicating that now is a good time to buy, per a recent Realtor.com survey. But where to buy remains the big question for many. Looking at a host of factors including affordability and inventory, Realtor.com is out with its list of the 10 best market for first-time buyers in 2024.

This year’s ranking includes Irondequoit, NY; Benton, AK; Winterset, IA; Newington, CN; Council Bluffs, IA; Cheektowaga, NY; Grand Rapids, MI; Moore, OK; Mattydale, NY and Riviera Beach, MD.

These small to mid-size towns and cities offer opportunity where affordability meets healthy inventory, culture and liveliness, lower than average commute times, forecasted price growth and good company of similar-aged peers.

“Buying a first home can be a daunting task. Couple high interest rates with historically low inventory of homes available for sale in 2023 and hopeful buyers have faced a particularly challenging market,” said Danielle Hale, Chief Economist, Realtor.com. “While affordability will remain an issue in 2024, a recent Realtor.com® survey showed that 95 percent of prospective first-time homebuyers overwhelmingly feel that they’ll be able to afford a home within their lifetime, with 40 percent saying they’ll be able to afford it within the next year.”

When it comes to the all important affordability factor, Realtor.com looked at listing prices compared to gross household incomes of 25- to 34-year-olds in a city for the past 12 months. A lower ratio indicates a more affordable place to live. 

The top markets in this year’s list had an average 2023 listing price to income ratio of 3.1 compared to the national rate of 5.4. Additionally, homes in these towns/cities had an average median listing price that is 42 percent lower than the national median of $382,000. Within the top 10 list, Mattydale was the most affordable market relative to local incomes for 25–34-year-olds.

For more on the top 10 list, click here.