One of the grandest allures of the American dream, beyond finding a lifelong career and setting up a good retirement fund, is buying your own home.
It’s something that you’ve probably thought about more than once before discarding it as an unaffordable pipe dream. Trying to keep track of the housing market over the last decade has been comparable to climbing onto a roller coaster without a safety harness, and it’s scared a lot of people away from home buying.
Don’t give up on that dream of owning a home of your own just yet, though.
There’s still a lot to look forward to when it comes to owning a home, especially if you’re living in one of these cities.
We’ve looked at median income, overall job growth, and average home price for new buyers and determined that these are the top cities for millennial homebuyers:
Median Household Income: $46,415
Average Rent Cost: $1,433/month
Median Home Price: $168,000
Overall Job Growth: 1.6%
While it may have a well-earned reputation as a party city, New Orleans is also one of the best cities for new homeowners in the country. Though Hurricane Katrina left the city devastated in 2005, it has bounced back in true New Orleans style. New construction brought in a whole host of jobs and homes for people who want to live and work in and around the city.
The City of New Orleans also has a number of grants and assistance programs available for first-time homebuyers as a way to entice a new generation of people to make their home and living in one of the most well-known cities in the world.
Median Household Income: $71,738
Average Rent Cost: $2,582
Median Home Price: $358,000
Overall Job Growth: 1.8%
Boston is a stunningly beautiful city, especially if you know where to look. Historic homes and buildings sit side by side with state of the art apartments and condos, but you’d think that they always belonged there because they complement each other so well.
On top of that, Boston has been named the coziest city to live; talk about a great place to live!
Median Household Income: $49,987
Average Rent Cost: $1,452
Median Home Price: $226,000
Overall Job Growth: 4.2%
They say everything is bigger in Texas, but that doesn’t have to include your mortgage payments. Austin is a fantastic city for first time home buyers and people who want to live in Texas without settling in one of the enormous surrounding cities.
Because of its fairly centralized location, Austin is perfect for anyone needing easy access to Dallas, Houston, and San Antonio.
Median Household Income: $39,059
Average Rent Cost: $787
Median Home Price: $96,500
Overall Job Growth: 3.4%
Say Ocala, Florida to anyone who’s not a Florida native and you’ll likely receive a puzzled look in return. Ocala is easily one of Florida’s best kept secrets.
This green gem is filled with relaxing vistas and is within driving distance of the Ocala State Forest, the second largest in the state, as well as within a couple hours of Jacksonville, Orlando, and Tampa.
Broken Arrow, Oklahoma
Median Household Income: $65,484
Average Rent Cost: $825
Median Home Price: $150,300
Overall Job Growth: -0.24% (10 Year Prediction: 36.40%)
Broken Arrow, Oklahoma is perfect for anyone who wants to work in Tulsa without the over the top mortgage prices. Broken Arrow lies a mere 14 miles SE of Tulsa’s city center, with an easy morning commute, and delightfully beautiful homes.
Median Household Income: $58,432
Average Rent Cost: $1083
Median Home Price: $189,200
Overall Job Growth: 3.9%
Sin City isn’t just the best place to gamble your money away, it’s also a great place to find your first home. Hundreds of new homes were constructed in the late ‘90s and early ‘00s and have lain empty since the housing market crashed in the late 2000s. Lots of inventory means you can take your pick of all of these amazing houses.
Median Household Income: $69,743
Average Rent Cost: $1162
Median Home Price: $261,000
Overall Job Growth: 1.72%
Chesapeake has the benefit of being in close proximity to Virginia Beach without actually leaving you surrounded by frantic vacationers. If you like the beach but want to live somewhere where the seasons actually change, Chesapeake is the ideal choice for you.
Median Household Income: $52,946
Average Rent Cost: $838
Median Home Price: $125,100
Overall Job Growth: 0.3%
Pittsburg may be best known for its steel industry, but in recent years it has become more known for its thriving housing market. The city is full of historical buildings that are up for grabs for fantastic prices.
Median Household Income: $46,701
Average Rent Cost: $1105
Median Home Price: $107,600
Overall Job Growth: 1.3%
While job growth and a low median home price are fantastic, the primary thing that Fort Wayne has to offer is culture.
Its proximity to historical monuments and phenomenal seasonal events alike make it the perfect choice for anyone who wants to get out and live a little without having to drive too far from home.
Median Household Income: $52,777
Average Rent Cost: $1011
Median Home Price: $161,000
Overall Job Growth: 3.5%
Job growth is the one statistic that you really want to look at for Charlotte. In the last decade or so, Charlotte has become the second biggest banking center in the US, falling just behind the iconic New York City.
If your career leanings are financial, then Charlotte is perfect for both advancing your career and finding your dream home.
A great number of cities offer incentives and perks for first-time home buyers, but these ten definitely top the list. Think your city deserves to be on this list? Tell us why in the comments below.
Discussion: What cities do you think are best for the millennial home-buying market?