Grand Rapids Named Third-Best City for First-Time Homebuyers
There's a new reason to be excited about Grand Rapids and our housing market. Grand Rapids has been named one of the most-accessible cities in the U.S. for first-time homebuyers.
LendingTree.com has ranked the nation's 100 largest cities in order of which are the most-accessible for first-time homebuyers. Grand Rapids ranked third on the list.
Lending Tree called Grand Rapids the best place to be a FHA borrower. They said, "Grand Rapids tops the rankings for non-prime credit share of FHA borrowers at 59 percent and FHA benefit with a down payment at just 22 percent of the amount paid by other borrowers."
Detroit finished 13th in the rankings.
The report considered these factors:
- Average down payment.
- The share of buyers using a FHA mortgage.
- Average down payment percentage.
- Percentage of buyers who have less than prime credit (below 680).
- The share of homes sold that the median income family can afford.
- Average FHA down payment as a percentage of average down payment for all loans.
The Top 10 Most-Accessible Cities for First-Time Homebuyers:
- Little Rock, Ark.
- Birmingham, Ala.
- Grand Rapids, Mich.
- Youngstown, Ohio
- Winston, N.C.
- Dayton, Ohio
- Scranton, Penn.
The Bottom 10 or the Most-Challenging Cities of First-Time Homebuyers:
- New York City
- San Francisco
- Austin, Texas
- Las Vegas
- Los Angeles
- Oxnard, Cal.
- Sacramento, Cal.