Which metro areas are the best for first-time homebuyers amid elevated mortgage...
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Which metro areas are the best for first-time homebuyers amid elevated mortgage rates?
Which metro areas are the best for first-time homebuyers amid elevated mortgage rates?
Yahoo Finance Live anchors Seana Smith and Dave Briggs examine Bankrate's latest ranking of the best and worst metro markets for first-time homebuyers as mortgage rates remain elevated and housing demand slips.
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Which metro areas are the best for first-time homebuyers amid elevated mortgage rates?
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Yahoo Finance Live anchors Seana Smith and Dave Briggs examine Bankrate's latest ranking of the best and worst metro markets for first-time homebuyers as mortgage rates remain elevated and housing demand slips.
Video Transcript
SEANA SMITH: Let's talk a little bit about the housing sector because high mortgage rates making it hard for potential homebuyers to sign on the dotted line. Home prices in December of 2022 were up 5.8% year over year. That's according to the latest report out from Case-Shiller. That's actually down from a 7.6% year over year increase the previous months, so six months in a row that we have seen declines for home prices. So while there are some good news there in terms of the potential homebuyers, the market certainly does have a way to go.
So if you're in the market for a new home, we've got you covered because Bankrate is out with its list of the best metro areas for first-time homebuyers. The results ranking 50 metro areas based on housing conditions and affordability, the job market, and wellness and culture. So let's take a look at the top five, where they're saying is the best place to buy if you are a first-time homebuyer. Coming in at number five is Jacksonville, Florida. This metro area ranking very high on the list for its strong jobs market. Number four is Minneapolis. Now Minneapolis, the Twin Cities here dominating the job market category, coming in at number five in that category out of the 50 metro areas.
Number three, Raleigh, North Carolina. We talked a lot about the strong housing market in Raleigh, North Carolina at this point. Number two, is Kansas City, Kansas City receiving the high rankings and housing affordability. One note here, it scored significantly lower, though, in job market and also in wellness and culture. And that's why it's not the number one spot. Number one, let's put it back up on the screen. What is it?
[DRUMROLL]
Austin, Texas. You heard that right-- Austin, Texas. It caught me by surprise. I got to be very honest with you, Dave, there, but the jobs market in Austin clearly has been booming. Also ranking near the top of that list and wellness and culture. So taking a look at this list of the top five, you can certainly see the Sunbelt area very well represented in the top five of this.
DAVE BRIGGS: Appreciate the drum roll. Very nice. Yeah, Austin has become a bit of a tech hub with you're seeing Google and Amazon, a lot of those companies move down there. But I, too, was shocked that that was number one on the list, in particular, because the home prices have skyrocketed. They have doubled over the last decade, Seana. So it will be interesting to dive deeper into those numbers. That is not one city I think of about anything being affordable. It has become one of the more expensive cities to visit, to live in, in the country. It's right up there with Nashville.
SEANA SMITH: Yeah, it certainly is. I mean, it is incredible there, just in terms of how much higher the cost is to live there. But Raleigh, North Carolina, you and I have talked time and time again about the housing market in North Carolina. So many people relocating down south to areas that are more affordable. And you can clearly see our area of the country is not well represented at all on this top five list.
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