Indy a Good City for First-Timers
A report by Zillow.com names Indianapolis and Pittsburgh top markets for first-time home buyers. According to the study, home buyers can expect to spend 11 percent of their income on a monthly mortgage payment, four percentage points less than the U.S. average. Renters, on the other hand, can expect to spend 26 percent of their income on monthly rent – decent motivation for renters in Indianapolis to become homeowners.
Memphis, Cleveland, Chicago, Oklahoma City, St. Louis, Houston, Tampa and Birmingham round out the top 10. The usual suspects of NYC, San Francisco and Washington, D.C. inhabit the bottom 10 list.
For the study, Zillow analyzed a metro area’s median income compared to the monthly mortgage payment on a median-prices home or apartment. For purposes of the study, they assumed a 20 percent down payment and 30-year fixed-rate mortgage.
Source: P.R. Newswire