St. Louis named Zillow’s best market for first-time homebuyers

ST. LOUIS – Real estate company Zillow recently recognized St. Louis as the top market for first-time homebuyers among major U.S. metros.

A new Zillow analysis ranked cities based on considerations like rent affordability, competition, and the percentage of first-time homeowners who lived in the area.

St. Louis ranked ahead of Detroit, Minneapolis, Indianapolis, and Austin in the Top 5 among Zillow’s best markets.

According to Zillow, the share of households in St. Louis that represented first-time homebuyers was around one-quarter of all homeowners. It also credits St. Louis for having around two-thirds of listings considered affordable based on total for-sale inventory.

Zillow reports that first-time homebuyers represented around half of all homebuyers last year.

“Affording a home is a tough hill to climb, and it’s especially steep for those buying their first home,” said Zillow Senior Economist Orphe Divounguy via a news release. “Headwinds like mortgage rates, low inventory and rising rents are still strong, but easing. Attractive homes are moving fast, so those looking to buy this spring should get their finances in order now.”

Also in Missouri, Zillow recognized Kansas City the ninth-best market for first-time homebuyers.

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