Zillow ranked Chicago and Houston no. 5 and no. 8, respectively, on its Top 10 Best Markets for First-Time Home Buyers list. The list was determined by waging the cost of homeownership against the cost of renting in various markets across the country. Other factors used have to do with median home values and competition within the market. According to the Zillow Home Value Index (ZHVI), the median home value in America is $186,200. All of the top 10 markets Zillow listed fall under that value except for Chicago. The Windy City's median home value, according to ZHVI, is $193,800. The Zillow Home Value Index is the median estimated home value for a specific geographic area, and it includes the value of all single-family residences, condominiums and cooperatives. These values are generated regardless of whether the properties sold within a given period. One of the other factors relating to competition has to do with the market for cash buyers being seen as competition. In ...
- Chicago and Houston rank no. 5 and no. 8 on Zillow's list.
- The Zillow Home Value Index determined the median home value in America is $186,200.
- Indianapolis is the most affordable place to live for first-time buyers.
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