Florida is a hot market for first time home buyers. Realtor.com recently reported it’s top 10 cities for first time home buyers and 3 Florida cities made the list. Those cities are Tampa-St Petersburg-Clearwater coming in 2nd, Orlando coming in 5th and Jacksonville coming in 6th.
Top 10 Markets for First-Time Home Buyers by Rank
| MSA | Median Listing Price | Total Listings | Median Age of Inventory | Unemployment rate |
| Pittsburgh, PA | $135,000 | 11,026 | 128 | 5.70% |
| Tampa-St. Petersburg-Clearwater, FL | $169,900 | 21,062 | 88 | 5.90% |
| Philadelphia, PA-NJ(NJ) | $174,900 | 10,656 | 141 | 6.40% |
| Fort Worth-Arlington, TX | $175,000 | 8,433 | 67 | 5.40% |
| Orlando, FL | $191,900 | 13,425 | 81 | 5.50% |
| Jacksonville, FL | $198,000 | 9,787 | 95 | 5.60% |
| Philadelphia, PA-NJ(PA) | $219,000 | 21,909 | 121 | 6.40% |
| Dallas, TX | $224,900 | 15,887 | 57 | 5.40% |
| Raleigh-Durham-Chapel Hill, NC | $227,500 | 9,435 | 98 | 4.90% |
| Phoenix-Mesa, AZ | $244,900 | 23,654 | 59 | 6.20% |
Here are the criteria realtor.com® used to rank the top 10 markets:
- Location, location, location: Market popularity is an important consideration for first-time buyers. It is common for owners to become “move up” buyers and purchase a larger home a few years after a first-home purchase. Buying a home in popular markets increases the likelihood of making money on a first home.
- Affordable list prices: One of the biggest barriers to homeownership is affordability. Homeowners not only have to be able to afford a monthly mortgage payment, but must have enough saved for a down payment.
- Ample inventory: Inventory shortages can often spark bidding wars in which investors or buyers with higher incomes can price out first-time buyers. Markets with an ample inventory of homes for sale are less likely to experience bidding wars.
- Reasonable time on market: Median age of inventory is a clear indicator of demand in a market. High demand is another factor that prompts bidding wars and makes it difficult for first-timers to get the home of their dreams. Additionally, first-time homebuyers should consider how long a home has been on the market. They may have an opportunity for a better deal if a seller is required to price a home more competitively in order to close.
- Steady employment: Unemployment rates affect all aspects of the economy, including first-time buyers. In order to pay for their mortgages, new buyers need to work and hold steady jobs in markets that support their job.
Methodology: Realtor.com® examined key housing indicators including: search rank, median list price, year-over-year change in inventory, median age of inventory and unemployment rates across 146 markets and evaluated the metrics against the needs and desires of the typical first-time homebuyer. All metrics considered were pulled directly from realtor.com®’s February 2014 data and the U.S. Bureau of Labor Statistics.