First-time buyers are in the driver's seat in today's market. With so many sellers out there looking to sell, plenty of inventory, falling home prices, low interest rates and a $8,000 federal tax credit available for new home buyers, now may be the perfect time to jump into the market.
While prices are down significantly in most local housing markets, there are some locales that are better suited for first-time home buyers, Cyberhomes has found. We examined median incomes in ZIP codes across the U.S. and calculated how much a typical first-time homebuyer in each local market would be able to spend. We then looked at median prices in 7,000 ZIPS to calculate local markets' affordability and looked for ZIPs that offer good employment prospects and living conditions, as well.
The most for your money
What we found are six ZIPS that are especially suitable for first-time buyers. Wondering which ZIPs made the list? Click here to see a slideshow of the six best home markets for first-time buyers. For more tips and advice on testing out the housing market for the first time, read Cyberhomes' Guide for First Time Home Buyers.—Lauren Baier Kim