(WWJ) -- Metro Detroiters wondering where exactly to buy their first home don’t have to look too far!
A new report from Realtor.com that measures the best cities for first-time home buyers ranks Ferndale in the top 10.
In its 2022 housing forecast, the real estate website took a look at the 100 largest metros across the country with a population of 5,000 or more. They then factored in a series of criteria that would be attractive to those looking to purchase their first home, including:
-The number of 25 to 34 year olds in the local population
-Availability of homes for sale measured by active listings
-Affordability based on average incomes of 25 to 34-year-olds in the market
-Availably of job opportunties
-Average commute times to work
-Number of local amenities (businesses and restaurants)
-Forecasted metro home sales and home price growth in 2022
Given those factors, Ferndale came in No. 9, with those ages 25-34 making up 15.9% of its population of homeowners.
The Oakland County city also has an unemployment rate of 3.2%,, an average work commute of 27 minutes, plus affordable housing, a high number of active listings, and tons of amenities.
“First-time buyers here don’t have to sacrifice nightlife to own a home of their own in this funky town,” Realtor.com wrote of Ferndale. “There’s ax-throwing, plenty of independent shops, and live-music venues. Breweries, a distillery, and dozens of locally owned restaurants dot this artsy community.”
“Most, but not all, of the homes listed for sale here are more moderately sized,” they website added. “They tend to be reasonably priced, century-old bungalows in walkable neighborhoods.”
Here is the full list of the 2022 Top 10 markets for first-time home buyers via Realtor.com:
1. Magna, Utah
2. Chalco, Nebraska
3. Mauldin, South Carolina
4. Beech Grove, Indiana
5. Portsmouth, Virginia
6. Cottage Grove, Wisconsin
7. Grimes, Iowa
8. Kuna, Idaho
9. Ferndale, Michigan
10. Maitland, Florida
Read more about the report here.
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