Study: Fort Wayne Top Five City for First Time Homebuyers
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA new report from the financial planning website SmartAsset.com shows Fort Wayne is the fifth-best city in the United States for first-time homebuyers.
SmartAsset compared 185 of the largest U.S. cities across four categories, home market favorability, affordability, livability, and housing costs as a percentage of income.
The publication says median annual housing costs in the Fort Wayne region make up only about 18% of the median household income.
Since March, mortgage rates have fallen steadily. According to Freddie Mac data, the 30-year fixed-rate average was at 2.90% and the 15-year fixed-rate average stood at 2.40% for the week ending September 24. That is three-quarters of a point lower than a year ago.
The website shows the under-45 homeownership rate in Fort Wayne is 47.41%, almost two percentage points higher than the national average and the 21st-highest of all 185 cities in our study.
SmartAsset says the number one city for first-time homebuyers is Grand Rapids, MI.
To view the full list and see what metrics were used, click here.