Zillow: Jacksonville Best Spot for First-Time Buyers

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Zillow, Seattle, analyzed the best markets for first-time buyers among the nation’s 50 largest metros, finding that Jacksonville, Fla., topped the list.

To determine the best markets for first-time buyers, Zillow analyzed the nation’s largest metros by looking at metrics such as rent affordability, the share of affordable for-sale listings, the competition for affordable listings and the number of households in their prime homebuying years.

Jacksonville took the top spot with 36% of households deemed “home-buying-age households,” an average 23% of median household income spent on rent; affordable listings as a share of total for-sale inventory at 48% and an affordable listings-to-renter household ratio of 5.9 per 100 renters.

Birmingham, Ala., San Antonio, Atlanta and Houston were next, and St. Louis, Detroit, Raleigh, N.C., Baltimore and Louisville make up the rest of the top 10.

“First-time buyers are finally seeing some light at the end of the tunnel,” said Orphe Divounguy, senior economist at Zillow. “Affordability is still a challenge, but rising incomes, stabilizing prices and improving inventory are creating real opportunities in parts of the country. In the strongest markets for first-time buyers, they’ll find more choices, less competition and a clearer path to homeownership than they’ve had in years.”