Buying your first home is a bigger financial challenge than buying your second or third home. If you already have a home, you can use the proceeds from its sale to help finance the purchase of your next house. If you don’t own a home, you have to come up with the money for a down payment and closing costs from scratch. That can be difficult. The good news? It’s getting a little easier. These days, home-price increases are flattening across the country due to a rising number of homes available for sale. That, along with wage increases, have made affordability conditions more favorable this spring than in recent years. First-time buyers in the South and Midwest, particularly, will have better success this year than they’ve had in the past. In the South, new construction has helped push inventory higher, while in the Midwest, prices are consistently lower than other regions. This will help younger buyers get into markets like Jacksonville, San Antonio, Detroit, Louisville, and Raleigh, which are among the top cities for first-time buyers this year, according to a new analysis. (source)
