According to Zillow, Orlando and Tampa top the list as the best markets for first time buyers with affordable homes and relatively more inventory than other markets. Indianapolis, Las Vegas, and San Antonio round out the top five with San Francisco and Silicon Valley dropping to the bottom of markets for 2017.
Owning a home has many benefits, including tax breaks and the potential to build value, plus mortgage payments are often lower than rent for a comparable home — especially over the long term. But in some cities, rent can be so high that it’s difficult, if not impossible, to save the recommended 20% down payment.
Many lenders have implemented additional rules and regulations in respect to mortgage applications and approvals over the past several years.