Real Estate

Indiana City Among 'Best Cities For First Time Homebuyers'

This Indiana city should be considered among first-time homebuyers, according to LendingTree report.

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Rebecca Hughes, Patch StaffVerified Patch Staff Badge

INDIANAPOLIS, IN -- According to a new study by LendingTree, one of the best markets for first-time home buyers is right here in Indiana. LendingTree found that Indiana's capitol — Indianapolis — is one of the best for anyone looking to buy their first home.

Indianapolis, IN was ranked No. 7 on LendingTree's list of the best markets for first-time home buyers.

Industrial states like Ohio, Pennsylvania, Michigan and Indiana present good home-buying opportunities for first-time home buyers as 12 of the top 15 cities are in these states, according to LendingTree.

Find out what's happening in Indianapolisfor free with the latest updates from Patch.

Here are the top 10:

  • 1) Little Rock, Ark. (Average down payment = $24,896)
  • 2) Birmingham, Ala. (Average down payment = $27,368)
  • 3) Grand Rapids, Mich. (Average down payment = $32,434)
  • 4) Youngstown, Ohio (Average down payment = $21,730)
  • 5) Winston, NC (Average down payment = $24,506)
  • 6) Dayton, Ohio (Average down payment = $25,017)
  • 7) Indianapolis, Ind. (Average down payment = $27,417)
  • 8) Scranton, Pa. (Average down payment = $22,153)
  • 9) Pittsburgh, Pa. (Average down payment = $30,083)
  • 10) Cincinnati, Ohio (Average down payment = $31,399)

In compiling the list, LendingTree said the factors that made the housing markets favorable were average down payment amount, the share of buyers using an FHA mortgage, average down payment percentage, percentage of buyers with a credit below 680, the share of homes sold that the median income family can afford, and average FHA down payment as a percent of average down payment for all loans.

Find out what's happening in Indianapolisfor free with the latest updates from Patch.

See the full study from LendingTree here.

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