These Are the Best Markets for First-Time Homebuyers

Excited young woman in new house


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Homebuyers in recent years have had to deal with soaring home prices, a competitive market, and, more recently, rising mortgage rates, all of which have made it difficult for first-time homebuyers. But there are some markets where housing remains more affordable for young homebuyers, according to It ranked 659 cities for factors such as the percentage of 25- to 34-year-olds in the local population, the availability of homes for sale, and affordability to determine the best markets for first-time homebuyers in 2023. Cheapism has highlighted the Top 10.

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Portsmouth, VA

1. Portsmouth, Virginia

Population of 25- to 34-year-olds: 15.9%

2022 median home listing price: $239,000

Price-to-income ratio: 3.9*

*The lower the ratio, the less a home costs compared to an area’s median gross income for 25- to 34-year-olds, meaning that homes are more affordable.

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Deforest Welcome Sign
Deforest Welcome Sign by Corey Coyle (None)

2. DeForest, Wisconsin

Population of 25- to 34-year-olds: 15.1%

2022 median home listing price: $389,900

Price-to-income ratio: 3.6

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Windsor Locks CT
Wikimedia Commons

3. Windsor Locks, Connecticut

Population of 25- to 34-year-olds: 12.6%

2022 median home listing price: $239,900

Price-to-income ratio: 2.7

Gloucester City, NJ
Gloucester City, NJ by Jimmy Emerson, DVM (None)

4. Gloucester City, New Jersey

Population of 25- to 34-year-olds: 13.6%

2022 median home listing price: $160,000

Price-to-income ratio: 2.2

Moore, Oklahoma
Moore, Oklahoma by LittleT889 (None)

5. Moore, Oklahoma

Population of 25- to 34-year-olds: 16.8%

2022 median home listing price: $220,000

Price-to-income ratio: 3

Magna, Utah
Magna, Utah by Nicolas Henderson (None)

6. Magna, Utah

Population of 25- to 34-year-olds: 16.8%

2022 median home listing price: $410,000

Price-to-income ratio: 5.1

Eggertsville, NY
Eggertsville, NY by TonyTheTiger (None)

7. Eggertsville, New York

Population of 25- to 34-year-olds: 13.3%

2022 median home listing price: $230,796

Price-to-income ratio: 3.4

Watervliet, NY
Watervliet, NY by UpstateNYer (None)

8. Watervliet, New York

Population of 25- to 34-year-olds: 15.9%

2022 median home listing price: $228,300

Price-to-income ratio: 4

Mattydale, NY
Mattydale, NY by Rcsprinter123 (None)

9. Mattydale, New York

Population of 25- to 34-year-olds: 12.9%

2022 median home listing price: $128,900

Price-to-income ratio: 2.2

Somersworth, NH
Wikimedia Commons

10. Somersworth, New Hampshire

Population of 25- to 34-year-olds: 14.9%

2022 median home listing price: $329,900

Price-to-income ratio: 4.6