Heavy competition in today’s pricey housing market has sidelined some first-time buyers, especially in major metropolitan areas.
These buyers usually make up about 40% of the market, but now they’re less than a third, according to the National Association of Realtors. The majority are millennials ages 25-34.
There is still hope for homeownership, however. While the pandemic has spurred strong demand for housing, it has also allowed for more flexibility in where people can live, which benefits those same first-time buyers.
So where are the best bets for them in 2021? Not surprisingly, the Midwest.
Four of the top 10 best markets for first-time buyers, as determined by realtor.com, are in the Midwest. Bloomington, Illinois, leads the list. Iowa City, Iowa, ranked second, followed by Kalamazoo, Michigan; Great Falls, Montana; Eau Claire, Wisconsin; Savannah, Georgia; Schenectady, New York; Taylorville, Utah; Harrisonburg, Virginia; and Rapid…