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Texas, Florida Metros Top List of Prime First-Time Buyer Markets

An analysis of local market conditions suggests metros in Texas, Florida, and Pennsylvania have a busy buying season to look forward to, especially when it comes to first-time buyer activity.

Realtor.com released Thursday its list of the top markets for first-time homebuyers for the spring and summer seasons. To compile the list, analysts compared cities across five categories that have the biggest impact on buyers new to the market: list price affordability, time on market, employment rates, supply of inventory (and thus chances of competition), and—as the mantra goes—location, location, location.

Markets ranking on the 2014 list include Tampa-St. Petersburg-Clearwater, Orlando, and Jacksonville, Florida; Fort Worth-Arlington and Dallas, Texas; and Philadelphia and Pittsburgh, Pennsylvania.

Also included on this year’s list are Raleigh-Durham-Chapel Hill, North Carolina, and Phoenix-Mesa, Arizona.

Steve Berkowitz, CEO of Realtor.com’s operator, Move, explained how these markets’ economies can expect to benefit from the crucial first-time buyer segment: “First-time buyers have a widespread impact on the local housing markets. In transitioning from renters to owners, new buyers pay property taxes and other fees and taxes associated with homeownership that benefits local schools and services.”

Of course, whether first-timers in those top markets decide to make their move this year remains to be seen, especially as the youngest among them continue to struggle with debt. In a profile of recent homebuyers, the National Association of Realtors found one-fifth of Millennials had to delay their search due to difficulties saving for a down payment; out of that group, more than half said student loans are the biggest obstacle.

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