Where the Heat Is
Times are tough for first-time homebuyers. They’re facing skyrocketing prices and rising interest rates, and they don’t have equity to make competitive offers in a fast-and-furious buying market. The median price of a home in the U.S. jumped to$391,200 in April, according to the National Association of Realtors, which crunched the data and found that a first-time home purchase was unaffordable for most in the first quarter of 2022, with starter homes at $313,000 and a typical mortgage payment of $1,363 a month — 30% higher than a year ago. Fortunately, some markets across the country have friendlier conditions for first-time buyers.