Central NY City Rated in Top 3 For First Time Homeowners By Zillow
I've been there and done that when it comes to being a homeowner. In fact, we purchased our first home in Marcy during the pandemic. Being a first time homeowner can be decently stressful, especially if you can't find anything in the area you're looking to move to.
But, maybe part of the problem is that you're having a hard time figuring out exactly where that is. If that's you, and you're looking to make a change, maybe Zillow's advice is one for you to consider.
“Affordability remains the No. 1 challenge for first-time home buyers,” Amanda Pendleton, Zillow’s home trends expert, said in a news release.
If they can overcome that significant hurdle, aspiring buyers have a better chance of landing a home than they’ve had in several years. They have more options, more time to decide and more negotiating power, meaning they may be able to land their dream home at a discount.
So, what's the city and where did it land on the list?
Syracuse, New York
Zillow used metrics including affordability, housing inventory and share of listings with price cuts to rank the markets. Based on those metrics, Syracuse came in on the list at Number 3, according to Syracuse.com.
In the metrics, it shows that residents in the Syracuse area use approximately 36% of their income on rent, and 30% on their mortgage. The typical home value is $204,890 and there's a 19% share of listings that get a price cut.
In the study, the Syracuse metro area includes Onondaga, Madison and Oswego counties.
Do you agree with the rating? Let us know your thoughts inside our station app.