First-time home buyers: Here’s how to take on the biggest challenges you face in this real estate market

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Homes were listed at an average 5.5 times first-time buyer income, according to an analysis of the first quarter of the year—too much for most new buyers

Conditions for first-time home buyers looked different in the first quarter of 2023 compared with one year before, but they hadn’t necessarily improved.

This quarterly analysis has examined home affordability for first-time buyers across the nation and in the most populous metro areas for the past three years. At any given time, these ambitious shoppers face unique constraints, including less robust credit histories and generally lower incomes than repeat buyers. For new prospective homeowners, understanding the challenges they might face can help inform a successful buying strategy.

As for where first-time buyer money can go the furthest, just two metros had homes listed at less than three times the typical first-time buyer income. This is the second quarter in a row that Pittsburgh and Cleveland had the “affordable” designation. Other close contenders included Detroit , Buffalo, New York , and St. Louis and Baltimore, both at 3.6.

First-time buyer guidance: The list price, also known as the asking price, may not be the price you pay for a home. In 2021 and into 2022, competition meant that sellers were receiving offers well above asking price. That competition has cooled and, in some markets, an offer at or even below list price could now be accepted. The best way to know for certain what type of competition you’ll face is to talk to a few real estate agents in the area where you hope to buy.

 

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