Consumer advocacy site, NerdWallet has released a report identifying the top towns in each state for young homebuyers — which, couldn’t come at a better time with the housing market reaching its best buying conditions in years, and the for huge number of millennials who are approaching home-buying age.
“Prices have certainly gone up in North Carolina in recent years, but the economy across the state has done well, putting homeownership within reach for more people” says Jonathan Todd, an analyst at NerdWallet. “Combine that with the interest rates that are still near historic lows, and there is a very compelling argument for jumping into the housing market.”
Sarah Collins, senior communications analyst at NerdWallet, told the Xpress that analysts used data from the U.S. Census Bureau to help calculate their results.
“We crunched the numbers to find the best towns for first-time homebuyers in North Carolina, and out of 146 communities Woodfin ranked fourth,” Collins says.
Todd says that the methodology for this study was carefully put together over a couple weeks, explaining that NerdWallet pulled in some of its in-house experts on real estate and mortgages, along with its team of data analysts, to figure out what the most important factors are for first time homebuyers.
“We included several factors that we think are important to a first-time homebuyer,” he says. “First, local demand, measured by population growth and home value growth; second, affordability, measured by local property taxes and how long it takes to save for a median home value in a given city; and third, quality of life, measured by crime rates and percentage of families below the poverty line.”
Ranking at number one was Etowah, followed by Mills River for second, and then Aberdeen for third.
“It is great to see such a wide, diverse group of cities in the top 10,” Todd says. “Across these cities, a homebuyer can find a community that is perfectly tailored to their wants and needs.
“There will be a safe, affordable community nearby, whether you want to be in the mountains, near the beach or have access to one of the biggest banking and financial centers in the country.”
Being a young homeowner himself, he says his decision to own a home really started long before he ever looked at a listing.
“Saving is key – the more you can put toward a down payment, you’ll not only have more options, but you’ll be less likely to lose out in a bidding war to a more cash-liquid buyer,” Todd advises young homebuyers. “Then, make sure the home you buy is one that you love and want to be in for a long time, because the upfront fees to buying a home can be capitalized over a longer period of time.”
For the full report, check out the complete study on NerdWallet where you can view the full data set and methodology.