The rise in prices across the housing market grid has fueled much of the nation’s housing recovery. And while rates have risen steadily, it has still remained near lows. Although the current housing climate is a seller’s market, it still is a good time for homeownership.
More Millennial Americans are Buying Homes Today
In an HSBS study, more millennials are now homeowners. 35 percent of this group already own houses. 80% of the non-owners are planning to have their own homes in the next five years.
While many young Americans want to own rather than rent, the biggest challenge is to save and come up with a down payment.
USA Today, on a report, highlighted the top five best cities where first-time homebuyers may find affordable residential properties.
The cities of Tampa and Orlando in Florida top the list. Zillow’s home value indexes for these two states are $183,300, and $ 202,900 respectively.
The three other cities which made it to the top five are Indianapolis, Indiana with home value index of $137,300; Las Vegas, Nevada with $219,200, and San Antonio, Texas with $219,200.
These cities in the Southeast and Midwest regions of U.S. are known to have economical home prices and steady home value growth.
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More Metros are Fully Recovered in 2017
In the first quarter of 2017, five more many metro areas have joined the “fully recovered” group, according to HSH.com.
It has analyzed the Federal Housing Finance Agency’s Home Price Recovery Index. These metros are the Minneapolis-St. Paul-Bloomington, MN-WI; Montgomery-Bucks-Chester Counties, PA; Richmond, VA; San Diego-Carlsbad, CA; and Warren-Troy-Farmington Hills, MI.
The Denver metro has remained the most recovered which now has 67.16 percent above it’s recorded “boom time” peak.
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