Best States in the US For First-Time Home Buyers
Buying your first home can be a nerve-wracking experience because there are many factors to consider. Starting with the type of home you want (apartment vs house) and ending with the location, you will have a wide range of problems to solve before you can even start house hunting.
After all, owning a house is not as easy a decision as renting. When you are the owner, you are also liable for everything happening on your property, you pay for maintenance, and you are the one responsible for improvements and more.
So if you are thinking about planting down roots and buying your first ever home, let’s start with the beginning and see where in the US it’s best to do so. We’ll take a look at the top three states with the lowest housing prices, good living conditions, and solid tax policies for first-time homeowners.
1. Rhode Island
The Ocean State is one of the smallest in the US (48 miles long and 36 miles wide) but it has a lot to offer. As proof, it’s the 2nd most densely populated state in the country and numbers show it will get even more crowded as more people want to move in every year.
As you can imagine from a state bordered by the Atlantic Ocean (on two sides!) it has amazing beaches, bays, and inlets that will feed anyone’s hunger for exploration and adventure. It’s also the perfect location to be during hot summers!
Rhode Island is quite popular among first-time homebuyers (the mortgage market has the highest number of first-timers in the country) so chances are most of your neighbors will be young families.
This is due to the Down Payment Assistance Program for first-time homebuyers that makes it easier to get a loan. The program is so efficient that, even though the median list price is above the national median, people still want to buy their first home here!
If you like having your own garden and growing your own produce, Mississippi may be the perfect state for your first house. Here, 54% of the housing market is represented by first-time buyers and the median listing price is way below the national value. Plus, there is a great program for first-time home buyers in Mississippi that helps even people with a tighter budget to get into the market.
The state is known for its slow pace and picturesque hills, forests, and rivers but you also have access to stunning beaches. The winters are mild and the cost of living is one of the lowest in the country.
The Keystone State offers newcomers a low cost of living, low income tax, and stunning landscapes. Plus, Pennsylvania has some of the best universities in the world, cities bursting at the seams with opportunities, and world-class health institutions.
The state encourages first-time homebuyers to get a loan and settle down within the borders. Plus, even if it’s within driving distance of New York City, the median listing price for homes is so low that, in the long-term, it makes a lot more sense to own a house than to rent it.
Of course, if you don’t feel especially attached to any of these states, you have plenty of others from which to choose. However, if you plan on putting down roots and building a life, make sure you consider all the factors in both the short and long term. This also includes making sure you choose the right agent to guide you through the process since each state has its particular laws when it comes to real estate.