Smart Assets published a list of the best places in America for first-time home buyers. The site ranked every U.S. city with a population of over 300,000 based on seven metrics:
- Number of mortgage lenders;
- Loan funding rate;
- Value per square foot of home;
- Affordability ratio (the ratio of median household income to ownership costs);
- Homeowner stability;
- Market volatility; and
- Number of quarters since 2010 that home prices declined.
The Top 15 Places are:
1. Oklahoma City, Oklahoma
- Loan funding rate: 75%
- Average price per square foot of home: $78
- Average monthly mortgage payment: $496
- Median household income: $46,584
2. Tulsa, Oklahoma
- Loan funding rate: 74%
- Average price per square foot of home: $72
- Average monthly mortgage payment: $515
- Median household income: $48,926
3. Indianapolis, Indiana
- Loan funding rate: 77%
- Average price per square foot of home: $69
- Average monthly mortgage payment: $456
- Median household income: $42,378
4. Pittsburgh, Pennsylvania
- Loan funding rate: 58%
- Average price per square foot of home: $75
- Average monthly mortgage payment: $482
- Median household income: $52,390
5. Houston, Texas
- Loan funding rate: 69%
- Average price per square foot of home: $88
- Average monthly mortgage payment: $509
- Median household income: $53,822
6. Omaha, Nebraska
- Loan funding rate: 83%
- Average price per square foot of home: $100
- Average monthly mortgage payment: $552
- Median household income: $53,444
7. Wichita, Kansas
- Loan funding rate: 78%
- Average price per square foot of home: $77
- Average monthly mortgage payment: $486
- Median household income: $50,326
8. San Antonio, Texas
- Loan funding rate: 62%
- Average price per square foot of home: $81
- Average monthly mortgage payment: $478
- Median household income: $50,867
9. Louisville, Kentucky
- Loan funding rate: 74%
- Average price per square foot of home: $88
- Average monthly mortgage payment: $581
- Median household income: $47,692
10. Dallas, Texas (TIE)
- Loan funding rate: 70%
- Average price per square foot of home: $91
- Average monthly mortgage payment: $490
- Median household income: $49,925
10. Fort Worth, Texas (TIE)
- Loan funding rate: 73%
- Average price per square foot of home: $76
- Average monthly mortgage payment: $529
- Median household income: $57,727
12. Colorado Springs, Colorado
- Loan funding rate: 77%
- Average price per square foot of home: $115
- Average monthly mortgage payment: $823
- Median household income: $57,487
13. Arlington, Texas
- Loan funding rate: 73%
- Average price per square foot of home: $82
- Average monthly mortgage payment: $529
- Median household income: $57,727
14. Columbus, Ohio
- Loan funding rate: 76%
- Average price per square foot of home: $78
- Average monthly mortgage payment: $570
- Median household income: $51,890
15. Anchorage, Alaska
- Loan funding rate: 79%
- Average price per square foot of home: $191
- Average monthly mortgage payment: $1,110
- Median household income: $78,121