Three DFW suburbs topped WalletHub’s list of best cities in the United States for first-time homebuyers. McKinney was tops, Frisco was next, and Allen came in third. These cities aren’t necessarily the most affordable, but other factors make them attractive, along with other cities in the state.
Jim Gaines, chief economist with the Real Estate Center at Texas A&M University, says a lot of it has to do with the Texas economy, which he describes as a “high-growth area.” “Texas is a young state,” he points out. “We’ve got a lot of 30-somethings, young people who are moving into that time period in their lives when they start looking to buy into single-family ownership.”
With more young homebuyers moving into the state, Gaines says, lenders are taking notice. “The lending community is beginning to pay more attention to the entry level,” he notes, “and make the entry-level financing a little bit more available and a little easier to obtain.”
Houston didn’t rank in WalletHub’s top ten, but, Gaines says, “Houston can stand up pretty well, especially among any of the major metropolitan communities in the country.” Of Houston and DFW, he observes. “Both of these areas compare very, very well with any of the other top 10 or 15 metropolitan areas in the country in terms of availability.”