Buying your first home is a big commitment. Because of the 2008 recession, many families had to put off buying their first homes. Lost jobs, foreclosures, and the rising cost of living across the country put many in a tighter financial position than they had anticipated.
Today, things are looking up. The economy and housing market both are slowly recovering according to Reuters, and more families are now able to plan the purchase of their first homes. The recovery may be slow, but it shows every sign of continuing. Now is a good time to purchase your first home.
However, things look a little different today than they did leading up to the 2008 crash. Now that more people have experienced financial hardship, first-time home buyers are proceeding with more caution than they may have previously. What’s more, Business Weekly reports the cost of living in the United States continues to climb. Cities that may have been previously inviting to first-time home buyers are now cost-prohibitive.
If you’re looking to buy your first home, you want to make the right decision on location. Purchasing a home in the right place can mean opportunity and financial security for you and your family. What are some cities friendly to first-time home buyers?
1. Tuscon, Arizona
One of the best places in the country to invest in your first home is Tuscon, Arizona. If your primary concern is making a good financial investment, Tuscon may be just up your alley. Hit hard by the housing crash, Tuscon news sources report home prices in Tuscon are at record lows. While the market recovery is helping Tuscon, home prices are rising only gradually.
Buying your first home is typically a wise investment if you intend to live in it for at least five years. If you’re buying in Tuscon, you may want to stick it out a bit longer – economic recovery is slow. However, if you do invest in Tuscon and keep your home long enough, you’ll likely find yourself in a great position to make a profit.
2. San Jose, California
While the San Francisco cost of living has risen to New York levels, other cities in the Bay Area are somewhat more economically friendly to home buyers watching their wallets. While the housing costs in San Jose may not rival Tuscon’s, it is home to Silicon Valley.
The tech industry is booming in San Jose, and show every sign of continuing on the same trajectory. The steady influx of entrepreneurs, technology experts, and ambitious start-ups makes San Jose one of the most happening places in the country. Investing in San Jose may not be the cheapest option, but if you’re in the technology field, opportunities in the area can make a move to San Jose more than worth it.
3. Baltimore, Maryland
Many young professionals are flocking to Washington, D.C., as the city has an active arts scene and job opportunities. However, the housing costs in the city have climbed in recent years, making an investment there too big a reach for many families. Instead, you might try Baltimore, Maryland.
Baltimore is only an hour outside of Washington, D.C., making it a reasonable commute for many who work in the big city but want to save on cost of living. Owning a car isn’t even necessary for making the trip – the inexpensive MARC train runs daily between Baltimore and D.C.
Baltimore also boasts a growing art and music scene as more young, creative people flock to the affordable city.
Making the Choice
It’s easy to become overwhelmed when trying to decide where to invest in your first home. Tuscon, San Jose, and Baltimore are only three of many cities in the United States friendly to first-time home buyers.
Before deciding on a city or particular house, it’s an important to have an understanding of your financial situation, and the process of applying for a loan. The Internet offers a range of tools and guides to first-time home buyers, so you can see if investing in the home you have in mind is within your means.
Buying your first home is an exciting time. Explore all your options to make a decision good for your family and your wallet.