Few first-time homebuyers can afford to be super picky about the area they buy in — there are entire cities that are unaffordable for the average family — but house prices aren't the only factor to consider when looking at where to purchase a place.
To find out which housing markets are best for those buying a home for the first time, SmartAsset compared 185 US metro areas on factors including affordability, competition and social characteristics.
Lawton, Oklahoma, is the highest-ranking metro area for first-time homebuyers overall. Not only does it have the fifth-most affordable housing market, with a median sale price of $131,150, but a considerable 24 percent of its residents are between the ages of 25 and 39. House prices are also expected to increase by just 0.9 percent over the next year, compared to the average projection of 1.6 percent.
The most affordable housing market is found in Peoria, Illinois, where the median income stands at $68,249 and the average median home sale price is just $121,333.
When it comes to competitive housing markets, another Illinois metro, Bloomington, takes the top spot. On average, homes in the area stay on the market for just four days before going under contract.
Of the ten most expensive housing markets, six are in California: Los Angeles (median sale price of $886,667), Santa Maria ($852,250), San Jose ($1,386,667), Salinas ($821,000), Napa ($875,000) and Oxnard ($812,417).
Via SmartAsset.
[Image credit: Kindel Media]
