10 Best Places for First-Time Homebuyers in 2023

Purchasing a home has been especially difficult for first-time buyers in recent years thanks to rising prices, increasing mortgage rates and stiff competition for homes in hot markets. Although 2023 is anticipated to still be a challenging year, there are some great opportunities for first-time buyers, especially those with some flexibility on location.

To find the best markets for first-time homebuyers, Realtor.com analyzed 659 cities across a number of factors including affordability, the share of 25- to 34-year-olds in the local population, availability of homes for sale, job opportunities, average commute time to work, amenities, and forecasted metro home sales and home price growth in 2023. Based on the analysis, these are the top 10 markets for first-time homebuyers in 2023.

• Forecasted 25- to 34-year-old population share: 14.9%
• Inventory per 1,000 households: 30.1
• Median listing price: $329,900
• Price-to-income ratio: 4.6
• Forecasted average travel time to work (minutes): 28

• Forecasted 25- to 34-year-old population share: 12.9%
• Inventory per 1,000 households: 40.9
• Median listing price: $128,900
• Price-to-income ratio: 2.2
• Forecasted average travel time to work (minutes): 21

• Forecasted 25- to 34-year-old population share: 15.9%
• Inventory per 1,000 households: 18.3
• Median listing price: $228,300
• Price-to-income ratio: 4.0
• Forecasted average travel time to work (minutes): 22

• Forecasted 25- to 34-year-old population share: 13.3%
• Inventory per 1,000 households: 39.0
• Median listing price: $230,796
• Price-to-income ratio: 3.4
• Forecasted average travel time to work (minutes): 20

• Forecasted 25- to 34-year-old population share: 16.8%
• Inventory per 1,000 households: 73.7
• Median listing price: $410,000
• Price-to-income ratio: 5.1
• Forecasted average travel time to work (minutes): 27

• Forecasted 25- to 34-year-old population share: 16.8%
• Inventory per 1,000 households: 54.7
• Median listing price: $220,000
• Price-to-income ratio: 3.0
• Forecasted average travel time to work (minutes): 27

• Forecasted 25- to 34-year-old population share: 13.6%
• Inventory per 1,000 households: 62.3
• Median listing price: $160,000
• Price-to-income ratio: 2.2
• Forecasted average travel time to work (minutes): 25

• Forecasted 25- to 34-year-old population share: 12.6%
• Inventory per 1,000 households: 41.9
• Median listing price: $239,900
• Price-to-income ratio: 2.7
• Forecasted average travel time to work (minutes): 23

• Forecasted 25- to 34-year-old population share: 15.1%
• Inventory per 1,000 households: 58.1
• Median listing price: $389,900
• Price-to-income ratio: 3.6
• Forecasted average travel time to work (minutes): 25

• Forecasted 25- to 34-year-old population share: 15.9%
• Inventory per 1,000 households: 58.8
• Median listing price: $239,000
• Price-to-income ratio: 3.9
• Forecasted average travel time to work (minutes): 25

More From GOBankingRates

• I'm a Self-Made Millionaire: These Are the 6 Investments Everyone Should Make During an Economic Downturn
• The Average Retirement Age in 2023 in the US vs Canada
• 3 Things You Must Do When Your Savings Reach $50,000
• Don't Make These Common Mistakes If You Want to Retire Wealthy

Disclaimer: Photos are representational and may depict nearby cities. All data is sourced from Realtor.com’s Best Markets for First-Time Homebuyers in 2023 and is accurate as of Jan. 18, 2023.