San Antonio metro among best for first-time homebuyers, study finds

For the second consecutive year, the San Antonio-New Braunfels metro ranks among the best spots for first-time homebuyers, according to a study published this month by Creditnews Research.

The San Antonio metro ranked as the No. 3 best metro for first-time home buyers, just behind the Austin-Round Rock metro, which took the No. 2 spot.

Creditnews Research ranked the nation’s largest 50 metro areas using five metrics: mortgage affordability, market access, bargaining power, employment growth and livability.

“While there may be smaller cities that offer cheaper housing, larger metropolitan areas are less likely to offer the blend of employment opportunities, labor market tightness, and housing stock,” the report states.

10 Best Cities for First-Time Home Buyers, according to Creditnews Research:

1. Pittsburgh, PA
2. Austin-Round Rock, TX
3. San Antonio-New Braunfels, TX
4. Birmingham-Hoover, AL
5. Jacksonville, FL
6. New Orleans-Matairie, LA
7. Miami-Fort Lauderdale-West Palm Beach, FL
8. Dallas-Fort Worth-Arlington, TX
9. Cleveland-Elyria, OH
   10. Raleigh, NC

With the median price of a home sitting at $255,000, the Pittsburg metro took the top spot as the nation’s best city for first-time homebuyers. The Dallas-Fort Worth metroplex was the only Texas metro other than San Antonio and Austin to crack the top 10.

Meanwhile, the worst metros for first-time homebuyers are predominantly found in California, with San Jose taking the No. 1 spot, the study said.

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This article appears in Feb 21 – Mar 5, 2024.