St. Louis Tops List for First-Time Homebuyers in 2024, Midwest a Affordable Option
St. Louis has been named the top US market for first-time homebuyers in 2024, according to Zillow’s list of the 10 best cities for new buyers. The Midwest region, including Detroit, Minneapolis, Kansas City, and Indianapolis, dominated the list, emphasizing its appeal for new buyers.
Zillow ranked these cities based on rent affordability, the share of listings within reach of a typical household, expected competition for affordable homes, and the number of similar-age families in the area. St. Louis stood out for its affordability, with a median home price of $205,500 and a high share of home listings affordable to median-income families.
Despite its affordability, St. Louis falls short in the share of similar-age households, which can impact community building for new buyers. On the other hand, Austin, known for its pandemic-related boom, ranked fifth on the list, showcasing its high median home price of $525,000 but also its strong community score, with a third of households aged 29-43.
The Midwest is increasingly seen as a region of opportunity for new homebuyers, with affordable housing options and low competition compared to other parts of the country. According to the National Association of Realtors, the Midwest offers the most affordable housing in the US, with households paying an average mortgage payment of $1,417, the lowest nationwide.
