Arizona Ranks Average for Home Buying
In a Bankrate lineup of the easiest and hardest states to become a first-time homeowner, Arizona came in in the middle of the pack, ranking in at no.24 out of 50. The study scored states on the basis of housing affordability, the job market for young adults, housing market tightness, credit availability and homeownership among people 35-and-under.
Arizona Real Estate
For millennials in Arizona in the market for their first home, they can rest assured that the housing market in the state is completely average. The state did score well in credit availability but came in pretty mediocre in everything else.
Slowly, more and more millennials have begun to become first-time homeowners. According to the study, the housing market is tight and most sellers are getting multiple offers, making it difficult for first-time buyers to break into the market.
Working with a realtor can improve first-time homebuyers chances of buying a home because it will help them build a better understanding of the housing market and what they need to do to become a homeowner. Another thing millennials should start doing now is saving.
The Best and Worst Places to Buy a Home
Iowa, Utah, Minnesota, Kansas and Missouri came in on top as the most affordable states for first-time homebuyers. Coming in last was California, New York and Hawaii, scoring low numbers across the board.
Tight markets and unaffordable high housing prices make it difficult for people to put down roots where they really want to. This may be why so many millennials are forced to rent and are unable to become homeowners. Now there are FHA loans available that allow down payments as low as 3.5 percent that can help make it possible for first-time homeowners to purchase homes almost anywhere they desire.