By Jennifer Riner
Birmingham is one of the nation’s best metropolitan areas for those buying their first home, a national ranking reveals.
Online real estate database Zillow ranked U.S. metropolitan areas to identify financially realistic home markets for first-time buyers.
Because affordability is at the top of the priority list when shopping for a home, the study focused on median home values, share of income dedicated toward housing, for-sale inventory and cash-buyer competition. Birmingham ranked No. 10.Homeowners in Birmingham spend just 12 percent of their income on mortgages, compared to 26 percent of income on monthly rents. A median home value of $128,000, coupled with an ample supply of homes for sale, puts first-time buyers in the driver’s seat in Birmingham. Compare that to San Francisco, where the median home value is $806,000.
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