First-time homebuyers in America face many challenges and opportunities in the constantly changing real estate market. As 2024 unfolds, Kansas City has emerged as an excellent option for those looking to take their first step into home ownership. Zillow recently named Kansas City the ninth-best market for first-time home buyers. The city offers affordable housing, a strong economy, and a lively cultural scene, making it a popular choice.
Zillow compiled the top markets for new home buyers in 2024 based on four key indicators.
- Rent affordability is measured by the percentage of median household income allocated to rent.
- Zillow examines how much of their listings the average household can afford. The goal is to ensure they do not spend more than 30% of their income on the mortgage.
- The proportion of cost-effective saleable properties to renter families. A higher inventory per renter household signifies less competition for each property listing.
- The percentage of households aged between 29 and 43. A higher number of households in this age range results in a higher score in Zillow's ranking.
Here's how Kansas City fared vs. other markets:
- Percentage of Total Households that are Home Buying Age: 27%
- The proportion of Median Household Income Allocated to Rent: 21%
- Share of Total For-Sale Inventory that is Affordable: 51%
- The ratio of Affordable Listings to Renter Households: 2.2 for every 100 Renters
In the 2024 property market, Kansas City distinguishes itself by harmonizing affordability with a high quality of life. The city offers diverse neighborhoods, each with its unique charm and amenities. From the lively downtown area to the historic jazz district, Kansas City offers many options for first-time homebuyers, making home ownership exciting.
Another factor in Kansas City's favor is a strong job market. More companies are moving into the area, creating job opportunities for new homeowners and providing economic stability. The city's central location also makes it a hub for various industries, including technology, healthcare, and manufacturing.
One of the most attractive aspects of Kansas City for first-time home buyers is the cost of living. Compared to other major metropolitan areas, Kansas City offers a more affordable lifestyle, allowing homeowners to allocate funds to other vital areas of their lives, such as savings, investments, or leisure activities. If you like culture, job opportunities, or nice neighborhoods, consider starting your journey as a homeowner in Kansas City.
Remember, buying a home is a significant and personal milestone. Take your time, research, and trust that Kansas City has the resources and community to support you every step of the way. If you’re a first-time home buyer and would like some help, click here or call the experts at NASB at 855-949-5616.
