Texas Border Business
McAllen has been ranked number three of the top 15 cities in the United States for first-time homebuyers. In fact, five Texas cities land among the top 15 places to buy a home for the first time, as ranked by a recent analysis by financial services website SmartAsset.com which ranked 185 metro areas based on affordability, growth potential, competition and demographics to determine the best possible home investment for young buyers.
This study examined 185 metro areas and cities were ranked based on four metrics, composed of:
- Affordability. Median sale price relative to median income. Median sale price comes from Zillow (Smooth, All Homes, Monthly) for May 31, 2023. Median income comes from the U.S. Census Bureau’s 1 Year ACS S1901. The data is from 2021, adjusted for wage growth 6.2% to June 2023 per FRED Average Hourly Earnings of All Employees, Private.
- Growth potential. Zillow’s Home Value Forecast.
- Competition.Median days to pending, Zillow, June 30, 2023, as well as inventory per capita, from Zillow For-Sale Inventory.
- Social. Population aged 25-39, based on U.S. Census Bureau.
“McAllen is a great place to start living the American dream, giving first time homebuyers many opportunities for choosing a great neighborhood with affordable homes throughout the community,” said McAllen Mayor Javier Villalobos. “Add in the quality of life available in the city, including infrastructure, parks and other amenities, security and a low crime rate and always something to do in McAllen, from shopping, to dining and events, we encourage first-time and all homebuyers to buy a home in McAllen.”
According to the study, McAllen has a relaxed market with an average of 40 days until pending. The median home price is $210,833, while the income averages $47,597.
The list of the top 10 cities for first-time homebuyers includes: 1. Killeen; 2. Wichita Falls; and McAllen, Texas. Additionally, Brownsville was ranked as #8.
