First-time mortgage trends continue to fluctuate and keep all of us on our toes. If you are a mortgage first-time buyer, it’s important to know what’s happening in the market so you can make the most educated decision for yourself throughout the purchasing process. Your first home is a big deal, and it deserves all the time and attention you can give it!

Financial Circumstances in Arizona

Let’s take a look at some of Arizona’s recent trends and how they compare to other cities:

  • Overall, Phoenix ranked 117 out of 300 cities that were evaluated. This ranking considered affordability, real estate market and quality of life.
  • Phoenix ranked 85th on the affordability scale. This is excellent news for local and new residents, alike. Nearby in affordability are Pittsburgh, Vegas, Charlotte, Milwaukee, Colorado Springs and Savannah.
  • Since the Great Recession, the percent of homes purchased by first-time buyers has declined. Let’s change that!
  • Memphis, TN ranks among the five lowest cost of living cities, while New York City and San Francisco take the cake for the highest. The difference in cost is about three times!
  • Coming in with a six times difference (whoa!) is the country’s parity of rent to price ratio. Detroit placed at the highest while Santa Barbara placed near the lowest.
  • Median home price appreciation saw New Orleans in the top five highest and Detroit in the top five lowest.
  • Property crime rate is lowest in Mission Veijo, CA and highest in Miami Beach, FL. There’s twelve times the difference here!
  • Energy costs at home are highest in cities like Honolulu, HI and Boston, MA and lowest in New Orleans, LA and Dayton, OH.

Mortgage Options for First Time Home Buyers Arizona

Some of the stats can be overwhelming to digest- that’s totally normal! Let us help ease the navigation in this monumental time your life and help you find the best first-time buyer mortgage. Here are some of the questions we will help answer:

  • Recommended down payment for first-time buyers?
  • Financial readiness evaluation
  • How to select the most fitting neighborhood
  • What are the most important considerations for first-time buyers?

Whether you are just looking to begin your search or well dived in but sinking in information, give us a shout! We make the process easy, streamlining your experience and helping you get into your dream home as quickly and affordably as possible. We look forward to joining you on this journey!