Cincinnati ranks among best cities for first-time homebuyers

Source: Cincinnati Business Courier

 

Cincinnati is one of the best cities in the nation for purchasing a first home, according to a new ranking.

Mortgage finding firm LendingTree ranked the Queen City No. 10 on its list of the best cities for first-time homebuyers.

The study ranked the nation’s 100 largest cities based on a variety of factors including average down payment amount, share of buyers using an FHA mortgage, average down payment percentage, percentage of buyers who have less than prime credit, share of homes sold that the median income family can afford and average FHA down payment as a percentage of average down payment for all loans.

Many of the criteria focused on down payments because they’re the most prohibitive obstacle for first-time buyers followed by tight inventory causing higher prices and rising mortgage rates that are reducing buying power.

Cincinnati was one of seven cities in Ohio, Pennsylvania, Michigan and Indiana that landed among the list’s top 10. The other Ohio cities were Dayton at No. 6 and Youngstown at No. 4.

By comparison, the most challenging cities for first-time homebuyers were Denver; New York; San Francisco; Austin, Texas and Las Vegas.

Source :

Bizjournal

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