Here Are the Most Affordable Markets for First-Time Buyers in 2022

Throughout the pandemic, first-time buyers have had their dreams of homeownership dashed time and time again by price increases and tight competition from investors and previous homeowners, but according to Realtor.com, a few affordable markets could offer a solution. First-timers can capitalize on greater housing inventory and affordable prices in rural towns and suburbs like Magna, Utah and Chalco, Nebraska, where younger demographics are taking over the resident populations.

In towns like Magna, median-priced homes are more than $100,000 cheaper than in the nearest metro, and a more natural setting also means more recreational opportunities for nearby residents with some of America’s best skiing and hiking trails less than an hour away.

It’s no secret why Magna topped our list: It offers homebuyers a great location just 15 miles southwest of popular Salt Lake City—at a surprisingly attractive price. While the median-priced home costs $367,900 in the more rural Magna, which boasts a historic downtown, list prices were a hefty $485,000 in Salt Lake City in November, according to the most recent Realtor.com data.

“We’re pricing people out of the more desirable locations, and it’s making cities like Magna shine a little more,” says [Joel] Carson. Especially for “first-time homebuyers, families just starting out, where their price range isn’t allowing them to purchase in other areas.”

For the full list of Realtor.com’s top towns for first-time buyers …

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