Searching for the best city for first time homebuyers? If you’re a first-time home buyer and you’re having no luck, cuz you’re getting priced out of your market, then you need to check out Cincinnati Ohio. A recent study shows that Cincinnati comes in as #3 in the overall best city for first time homebuyers.
My name is Eric Stanyo from Keller Williams Realty and teamSztanyo.com. Where we are helping you find your home and strengthen your family. I’m a Cincinnati and Northern Kentucky realtor here. I’ve lived here for 30-plus years. We have the number one channel for real estate here in the Cincinnati area.
This article just came out on the Cincinnati business courier and it says that “Cincinnati ranks among top US cities for first-time home buyers. Cincinnati is one of the best cities in the nation for people looking to purchase their first home. According to a new study, the queen city ranks #3 of the 50 largest Metro areas in the US, in a new bank rate study of the best and worst places for first-time home buyers. The rankings were based on several factors, including affordability, which was 30% of it. Employment factors, which was 20%. Housing market tightness was 20% safety was 20% and wellness and culture 10%. Cincinnati’s also ranked # 4 in affordability and # 7 seven in safety.
What You Need To Look For If You’re a First time Homebuyer
So if you’re trying to check the boxes, whether you’re a first-time home buyer or not, these are some pretty good numbers. # 3 for first time, home buyers, # 4 for affordability and # 7 in safety amongst these top 50 US metros.
Among other Ohio cities, Cleveland ranked # 7 and Columbus ranked #14. When it comes to the Ohio cities, Cleveland, Columbus and Cincinnati, Cincinnati yet again comes out on top.
No big surprise. I mean Browns fans, what do you got going on for you? Ohio state fans look out Luke Fickell is coming after you!
Let’s continue into the article. The housing boom of the past two years has widened the affordability gap between low-price and high-price Metro areas, Bankrate.com analyst Jeff Ostrowski said in a news release. But with remote work becoming the norm for white-collar employees, it’s possible to keep a fatter paycheck while living in a cheaper area.
Let’s talk about that for a minute. So this happens all the time. You guys watch this channel. You’re like, Hey, I can work remote. Now. I don’t have to spend all this money on really expensive housing on the east or west coast or wherever you’re at. I want to come to Cincinnati. I want to have a low cost. You can check out the videos on what $300,000 can get you here on what $500,000 can get you here. And most of the times when I show people these houses, they’re like, I can buy that for what? And you’re like, whoa! Okay, I want that house. That’s awesome. Great neighborhood, great schools, saFe for my kids and you can take the rest of the money and do what you want with it. You can have a little fun, you can start a business. You can invest in retirement. You can save for your kids’ college funds. You don’t have to live paycheck to paycheck. These are some of the advantages of living here in the Cincinnati area.
(Back to the article) For this study, we look not only at housing affordability, but also a variety of other factors, including local unemployment rates, commute times, crime rates and public health.
The Cities That Ranked The Worst
# 50: Los Angeles
# 49: Las Vegas
# 48: Seattle
# 47: Riverside, California,
# 46: San Jose, California
Super expensive. I know you’ve got an ocean and perfect 70-degree weather, 10 months of the year and you’ve got mountains and you’ve got vineyards and all kinds of cool stuff outdoors. But guys come here, save the money, fly out there two or three times a year. You’re still gonna be out on top.
The 2022 bank rate study was compiled using data from a variety of sources, including the US census bureau, US labor department and the FBI.
When I talk to other realtors here in the Cincinnati area, there’s no doubt that the people who are getting squeezed the most are first-time home buyers. It is super challenging for you.
We’ve shown on the previous article how tight inventory is prices are still going up. Now, rates are going up and not only are you competing for low inventory, when there’s a lot of demand for that first-time kind of starter home price ranges, it’s really difficult to buy those houses. But you also have these investors and these hedge funds coming in that, particularly in the Sunbelt and below, we’ve seen reports where they’re making 30% of the offers on these houses. So you’re just getting squeezed because there’s no inventory. There’s a lot of high demand and you’re competing against cash offers from other investors. If you wanna see more behind the charts and the stats and the data, we did a whole video on that called “Will the housing market crash in 2022” and how these investors are gobbling up all these first-time homes, making it so difficult for you, but it’s not so difficult here in Cincinnati.
Find Your Home with Team Sztanyo
So if you’re interested in moving to Cinci and getting your first home, give us a call at team Sztanyo (513) 813-6293. Or you can email me directly at Eric.Sztanyo@kw.com. Sztanyo Clanyo! Thank you and see you again next!