Houston Among Top Cities for First-Time Home Buyers
First-time home buyers have a good chance of succeeding in Houston, according to a recent study by SmartAsset, as published in the Houston Business Journal. The study examined housing and economic data for 64 U.S. cities with populations over 300,000. Houston ranked #7 in the top ten list, which included two other Texas cities; San Antonio at #6, and Fort Worth at #9.
Other U.S. cities rounding out the top ten, in order of ranking, included Pittsburgh, Oklahoma City, Omaha, Indianapolis, Tulsa, and Colorado Springs. Louisville and Wichita are tied at #10.
Major factors in the study included a comparison between a city’s median household income, to its median annual housing costs, such as property taxes, closing costs and homeowners insurance. Real estate market volatility was another component, evaluating housing price changes from the first quarter of 2011 to the fourth quarter of 2016. Additionally, the study considered the number of years home buyers stay in their homes, and weighed their equity positions.
While Houston did well in these categories, it placed at the very top when it came to the accessibility of mortgage loans. SmartAsset reports that there are 204 HUD-approved mortgage lenders in Houston; more than any other U.S. city in the study. The variety and depth of mortgage lenders in Houston gives first-time buyers more financing choices. And when there’s healthy lender competition, home buyers tend to receive attractive interest rate offers, lower fees, and a better chance of loan approval!
Need information about Houston homes for sale? The KW Energy Corridor Team is here to help you! Our home buyer resources, personalized service and neighborhood market knowledge will provide you with a pleasant and efficient home buying experience. Contact us today for your personal real estate consultation!
KW Energy Corridor Team
Michael Bossart
11757 Katy Fairway | Suite 930
Houston, TX 77079
908-872-9332
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