Posted on 03/15/2016 7:38:12 AM PDT by SeekAndFind
According to personal finance site SmartAsset, fewer than 35% of adults under age 35 own a home. But owning a home doesn't have to be a far-off dream, even if you're still in your 20s or early 30s.
In a recent report, SmartAsset determined the best cities in the US for first-time homebuyers by looking at data on the affordability, mortgage availability, and stability of the housing market in every city with a population over 300,000.
For millennials in search of their first home, Oklahoma and Texas are going to be the best buys — five of the top ten cities are located in these two states. Read on to see which other cities made the cut, the average price per square foot of home in each city (from Zillow), and the percentage of loans that get approved in each city (from the Mortgage Bankers Association). For reference, the average loan funding ratio for major US cities is 69%.
We also included the median home prices for each city's metropolitan area, from the National Association of Realtors.
10. Fort Worth, Texas (TIE)
Loan funding rate: 73%
Average price per square foot: $76
Median home price: $206,200
10. Dallas, Texas (TIE)
Loan funding rate: 70%
Average price per square foot: $91
Median home price: $206,200
9. Louisville, Kentucky
Loan funding rate: 74%
Average price per square foot: $88
Median home price: $153,400
8. San Antonio, Texas
Loan funding rate: 62%
Average price per square foot: $81
Median home price: $192,100
(Excerpt) Read more at businessinsider.com ...
tornado alley?
Texas has very high property taxes. They get you one way or the other.
It's a far-off dream if you majored in Comparitive Religions or International Media Studies and spend your time smoking dope and Snapchatting.
Comparitive => Comparative
Not that a Comparative Religions major would know the difference.
Why post stats for cities. That’s where libs live. Most of us live in suburbs or country.
RE: Texas has very high property taxes. They get you one way or the other.
Interested to learn how high is high ... In Nassau County, Long Island, property taxes average $9,500 a year.
In Bergen County, NJ it averages $9.000 a year.
Five counties in New Jersey had average annual burdens topping $8,000.
Can Texas top that?
Probably not....but you are talking New York. Lol.
RE: Why post stats for cities. That’s where libs live. Most of us live in suburbs or country.
I guess if you can afford the cities, you can afford ths suburbs around the city.
Oops sorry and New Jersey.
Current debt owned by every millennial taxpayer: Approximately $350k, excluding unfunded public retirements — roll those in as well as typical increases in US debt, and by the time they ‘pay off’ a 25 year mortgage, their share of national debt will be close to $800k.
Free college? We already spent that money. Free health care? Spent that too. Free anything? No money for that either. They already owe the value of a really nice house in most of the country, they will owe the value of a REALLY nice house, a great car, a fantastic world vacation and their entire savings plus two years of wages in the not so distant future.
(Calculations based upon average ‘taxpayers’ who pay net taxes.)
As does, New Hampshire. *Live free or die*
Mexico City
Lima
Port-au-Prince
Dar-es-Salaam
oh, wait, you mean in AMERICA! . . .
Pity what that state has turned into.
Yes, taxes are relative. Also, there’s sales tax (or lack thereof) and hidden fees and assessments.
I can’t address these numbers.
But can say that my brother, who owns a 2500 sq. ft. home in upstate New York, market value of about $450,000, pays $12,000 a year in property taxes.
I own a home in the San Diego area, valued about $500,000, about 1800 sq. ft, with property taxes of about $3200 annually.
Tax rates vary widely. California does cut us a break on property taxes due to Proposition 13. On the other hand, California has among the highest gas and state income taxes in the country.
It would be interesting to compare places around the country, to see what the total tax burden of living in various places is. As noted, California property taxes are lower than many places, but California has some other taxes which are much higher than elsewhere.
It’s a magnificent state .... but the ugly tourists that tangle up the roads and high property taxes drove me out after ten years. I miss *my* mountains.
“Texas has very high property taxes. They get you one way or the other.”
***********
But no state income tax. Yes, my property taxes are higher here but I’ll pay a little extra not to live somewhere else.
RE: California does cut us a break on property taxes due to Proposition 13.
New York/NJ do not have a Howard Jarvis :(
I’m sorry, but what couple, let alone single person, under 30 ‘afford’ to make, let alone save-up, for the $40K/20% down on a house/condo/etc.? Especially since the govt rapes most of us for 60% of our ‘income’...
Add in the increased costs of essentials (food, water, heat, etc.), upkeep, family prospects, college, 401K/ROTH/etc.
Yet again, govt clamoring for a solution to a problem of THEIR creation.
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