First-time homebuyers nationwide face challenges, but Florida emerges as a promising location. The state has six cities ranked among the top ten ideal places for first-time buyers, including Palm Bay, Tampa, Cape Coral, Orlando, Lakeland, and Sunrise. A recent study evaluated 300 cities based on market attractiveness, affordability, and quality of life. Housing affordability greatly influences first-time buyers' decisions, often pushing them away from larger metros to smaller cities. Fewer first-time purchases were reported last year, highlighting growing affordability issues in popular metropolitan areas.
"It all comes down to affordability with first-time homebuyers. I would say that the No. 1 thing that first-time homebuyers are looking for is that it's got to make sense with their income."
"Unfortunately, [even] if they want to be in more popular metros and have more amenities, due to the prices being so high, they're just having to move to smaller cities."
"First-time homebuyers, specifically, have been pushed out of larger metros, and that really has to do with the fact that during the [COVID-19] pandemic, Florida led the nation in migration growth."
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