Buying your first home is like opening a new chapter in your life. It’s exciting, but can be a little intimidating. If you’re about to take the leap, finding the right state can make all the difference. Some states are just better at making your first home purchase easier, with lower prices, helpful programs and policies. Which ones? Let’s get into it!
What Makes a State Good for First Time Homebuyers?
- Affordable Prices: A state with reasonable prices means you get more for your money.
- Down Payment Assistance: Some states have programs that help with down payments, which is a big deal, especially for cash-strapped first time home buyers.
- Property Taxes: Lower property taxes saves you money over time and reduces the financial burden.
Best States for First Time Home Buyers
1. Ohio
- Why Ohio is great for FTHB: Ohio is an under the radar for affordable housing. Cities like Columbus and Cleveland have great prices that won’t cost an arm and a leg.
- Down Payment Help: The Ohio Housing Finance Agency has got you covered with grants and low interest loans to help with your down payment.
- Property Taxes: Moderate property taxes means you won’t be overwhelmed with annual costs.
- Education: From local non-profits to community agencies, there are plenty of free or low cost classes to walk you through the process.
2. Texas
- Why Texas is great: Texas has a wide range of housing options. Whether you want a suburban home or city condo, you’ll find affordable options in Houston, Austin and Dallas. A lot more job opportunities and economic growths are happening here which means you won’t be having a hard time finding employment opportunities.
- Down Payment Help: The Texas State Affordable Housing Corporation has several programs for down payments for first time home buyers.
- Property Taxes: While property taxes are higher, no state income tax helps offset the higher property taxes. Homestead exemptions also helps offset the cost of ownership on property taxes.
- Education: Texas has plenty of homebuyer education resources through local groups and state programs.
3. North Carolina
- Why North Carolina is great: North Carolina has great prices and affordable housing options in cities like Charlotte and Raleigh. Unlike Texas, where recent prices have gone up due to large influx of people, home prices in North Carolina are still relatively more affordable
- Down Payment Help: Programs like the North Carolina Home Advantage Mortgage helps with your down payment.
- Property Taxes: Low property taxes means overall costs are lower.
- Education: State and local organizations offer homebuyer education programs to prepare you for the journey.
Conclusion
When it comes to buying your first home, the state you choose matters. Ohio, Texas, and North Carolina, each have their own perks that can make the process easier. Whether it’s affordable prices, down payment help or educational programs, these states have got you covered for first time buyers.
