Three of the 10 Best Real Estate Markets for First-Time Homebuyers in 2023 are in Upstate NY

January 20, 2023
To come up with the list, the economics team looked at places with at least 5,000 residents in the 100 largest metropolitan areas. Then the team factored in the percentage of 25- to 34-year-olds living there (prime first-time buyer years), average commute times, and unemployment rates in the larger metropolitan area. (Metros include the main city and surrounding towns and smaller urban areas.) Reports:

The housing market has been brutal for first-time homebuyers. And now, just as prices are finally beginning to slacken and the bidding wars are dying down, higher mortgage interest rates have turned the prospect of homeownership into a financial impossibility for many.

However, there are still places where here first-time buyers might have an easier time becoming homeowners. These are the towns and cities where prices are reasonable, there are more homes to go around, and newbies won’t have to sacrifice their social lives or suffer long commutes.

The® economics team identified these top real estate markets for first-time homebuyers in 2023. More than half are located in the Northeast, mostly in smaller cities that aren’t far from larger urban areas where there are plenty of jobs, things to do on a Saturday night, and lots of nearby outdoor amenities. Some of the top picks are more rural areas that are being built up, while others have struggled in recent years and are coming back up.

Read the report here: