Study: Grand Rapids #1 place in America for first time home-buyers
1st time homebuyers in Grand Rapids are in luck—a new study found the city ranks #1 in the country when it comes to buying a first home.
The study comes from SmartAsset, a financial tech company that compared nearly 200 medium to large cities across the country across 12 different metrics to determine which is the best place to buy a first home. And Grand Rapids, Michigan was a top of the list.
“I am not surprised at all, it’s a fantastic city, and the way I see it is millennials are buying a ton of houses.”
That is Nate Harr, he’s an agent at the Grand Rapids based Reeds Reality. He says there are a couple of other factors here at play.
“I mean it is a great time to buy for all first time homebuyers,” Harr said. “Interest rates are at all-time lows; I think right now they’re at 2.85 to 3.15 (percent) depending on a credit score; there are also a ton of different home buyer programs, so that is a huge piece of it.”
The study grouped metrics into four categories: Home market favorability, affordability, livability, and employment, and found that Grand Rapids ranked in the top tier of three out of those four.
Coming in at number two was Henderson, Nevada followed by Virginia Beach, Virginia.
No other Michigan city made the list.