Barbara Corcoran: 3 Best Cities for First-Time Homebuyers
Written by
Heather Taylor
Edited by
Chris Cluff
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You might dream about buying your first home in a city like New York or Los Angeles, but real estate mogul Barbara Corcoran doesn’t recommend it. Not only are these cities incredibly expensive to buy real estate in, but, as Corcoran explained to CNBC Make It, buyers stand to make substantially more money in the long run if they purchase homes elsewhere.
Which cities should you buy your first home in if you want to make the most money selling it five or 10 years out? If you’re watching your wallet, Corcoran said these three cities are the hottest for first-time homebuyers.
Nashville, Tennessee
According to Corcoran, the average Nashville resident is 33 years old. This positions the Music City as a fun, lively hot spot for first-time buyers.
The average Nashville home value is $432,592, which Zillow data shows has only increased by 1.4% over the last year — but it’s trending in the right direction.
In addition to offering an engaging social scene and affordable housing, Corcoran pointed out that Nashville has a low cost of living working in its favor. There are also more jobs in Nashville than any other similarly sized city in the U.S. Also, companies like Amazon, Dollar General Corp. and Nissan North America all have their corporate headquarters located in the Nashville region.
Austin, Texas
While Austin is more on the expensive side for first-time homebuyers — with the average home value going for $533,719 — Corcoran said people love this city because it’s a little crazy.
Part of Austin’s appeal are all the high-tech businesses like Dell, Apple and Tesla that have their company headquarters located in this city. Even more Fortune 500 companies and tech startups can be found in Austin, giving first-time buyers access to a growing, thriving job market.
“If you want to get high pay, make your way to Austin,” recommends Corcoran.
Denver, Colorado
The average home value in Denver goes for around $563,372, making it the most expensive city on this list. However, buyers who decide to purchase their first home in Denver will find benefits there they won’t be able to find anywhere else.
Corcoran praised Denver’s “strong, local economy” where businesses like Cisco, Charles Schwab and Panda Restaurant Group all have their headquarters. She also highlighted the camaraderie within the Denver community.
“Just about everybody in Denver is from somewhere else so there’s a great sense of family, commitment and friendliness that you won’t find in any other city,” she shared.
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