The housing market has seen some pretty extreme changes over the last five years, and first-time home buyers might find the market a bit intimidating. But fortunately for those seeking a new home in Huntsville, a recent study shows the Rocket City as one of the best markets for first-time homeowners.
SmartAsset, a financial wellness website, compiled a list of the best cities for first-time home buyers, and Huntsville made the top 10. Here’s more on the study:
The best markets for first-time home buyers
To determine the best markets for first-time home buyers, SmartAsset ranked 185 metro areas based on metrics measuring affordability, growth potential, competition and demographics.
Huntsville came in ranked 7th on the list, just behind Waco. Texas, and ahead of Brownsville, Texas.
The 10 best cities for first-time home buyers, according to SmartAsset:
- Killeen, Texas
- Wichita Falls, Texas
- McAllen, Texas
- St. Joseph, Mo.
- Cape Coral. Fla.
- Waco, Texas
- Huntsville, Ala.
- Brownsville, Texas
- Green Bay, Wis.
- Jackson, Tenn.
The study reveals also that home values in Tennessee (Knoxville, Johnson City), Georgia (Athens, Savannah) and North Carolina (Wilmington, Winston-Salem, Greenville) are expected to go up from 8.2% to 9.8% by July 2024.
Huntsville was the only city in Alabama to make the top 20 in the SmartAsset study. The main factors for Huntsville’s high ranking include a high average income for home buyers, among other factors.
Key findings about Huntsville in the study:
- Huntsville residents have the highest average income among the top 10 markets for first-time homebuyers at $81,734.
- Homes cost $294,550 on average and spend just 10 days active before going under contract.
- Home values are projected to grow by 8.3% by next summer.
For some cool homes for sale in the area, check out these listings.