Michigan Town Among the Best for First-Time Homebuyers

Home prices have been skyrocketing across America the past few years, making many hopeful first-time homebuyers have to wait. Now, interest rates are going up, which will make it more difficult to get a loan for a mortgage, but the good news is that it should slow the market down a bit.

If you're looking to purchase your first home, a new report has determined the U.S. cities that offer the best opportunities for first-time homebuyers. In its new study, SmartAsset compared 181 of the largest cities in the U.S. based on favorability, affordability, livability and employment. As for methodology, they collected data from the Census Bureau, the FBI, the Bureau of Labor Statistics and Redfin, and used that for their analysis.

Looking through the report, Newark, New Jersey was ranked the absolute worst for first-time homebuyers. Bellevue, Washington, ranked the No. 1 best for new homebuyers.

One Michigan city made the top 10 on the list: Grand Rapids. The city ranked No. 6 on the tally. "Grand Rapids, Michigan, which ranks fifth overall for home market favorability and 25th for affordability, has one of the shortest average commute times across our study," the study states. "On average, it takes workers just 19.4 minutes to get to work, which ranks 14th-best of all 181 cities for which we had data. Housing costs in Grand Rapids are also just 21.20% of the median household income in Grand Rapids, 16th-lowest. Meanwhile, the state of Michigan has the 13th-lowest foreclosure rate across all 50 states and the District of Columbia (0.37 per 10,000 homes)." Find the full study here.

Below are the top 10 cities in the U.S. for first-time homebuyers:

Bellevue, Washington
Virginia Beach, Virginia
Omaha, Nebraska
Olathe, Kansas
Nashville, Tennessee
Grand Rapids, Michigan
Sunnyvale, California
Lincoln, Nebraska
Denton, Texas
Huntsville, Alabama

It's a wild time to buy a house. The prices seem to just keep going up and up, with no end to this housing bubble in sight. I would love to buy my first hour, but like many, I'm being forced to wait until the housing market drops a bit, and it's anybody's guess when that will happen.

If you are buying a house right now, you should make sure it's in a good place to live, since you're likely paying a pretty penny for it. Thankfully, the folks at Niche.com have done the homework to determine the best places to buy a house in Michigan. They recently released a list of the best places to live in the state, factoring in both cities, suburbs, towns and city neighborhoods.

"The Best Places to Buy a House ranking provides a comprehensive assessment of the housing and community of an area," they explain the in the study. "This grade takes into account key factors of a location’s housing market, including home values, taxes, crime rates, and quality of local schools, in an attempt to measure the quality and stability of an area’s real estate market." They also look at aspects such as home value to income ratio, public schools grades, monthly housing costs, the cost of living, the higher education rate, the median home value and much more. Statistics are mainly obtained from the U.S. Census and represent the most recent data available, they state.

So, what places are the best to reside in Michigan? Read on for the top 50 list via Niche.com, and best of luck with your home buying experience.

https://www.niche.com/places-to-live/oneida-eaton-mi/

http://new.williamston-mi.us/

https://www.blendontownship-mi.gov/

http://www.tecumsehtownship.org/

https://www.niche.com/places-to-live/sheridan-charter-township-newaygo-mi/

http://twp.jamestown.mi.us/

http://www.ferrysburg.org/

https://www.twp-lima.org/

https://www.frankenmuth.org/

https://www.courtlandtwpmi.gov/

https://www.bloomfieldtwp.org/Home.aspx

https://www.niche.com/places-to-live/ingersoll-township-midland-mi/

https://www.baldwintownship.org/

https://www.niche.com/places-to-live/haslett-ingham-mi/

https://www.niche.com/places-to-live/jenison-ottawa-mi/

https://www.niche.com/places-to-live/dewitt-clinton-mi/

https://www.niche.com/places-to-live/quinnesec-dickinson-mi/

https://www.michigan.org/city/freeland

https://www.resorttownship.org/township-resources/news/

https://www.cityofmidlandmi.gov/

https://www.gpwmi.us/

https://www.niche.com/places-to-live/oakland-charter-township-oakland-mi/

https://www.niche.com/places-to-live/webster-township-washtenaw-mi/

https://troymi.gov/

http://fultonheights.org/

https://www.brightontwp.com/

https://www.texastownship.org/

https://www.portagetownship.info/

https://crockery-township.org/

https://norwaytwpmi.com/

https://www.zeelandtwp.org/

https://www.ci.northville.mi.us/

https://www.niche.com/places-to-live/cannon-township-kent-mi/

https://www.zillow.com/beverly-hills-mi/

https://www.niche.com/places-to-live/forest-hills-kent-mi/

https://www.niche.com/places-to-live/west-ishpeming-marquette-mi/

https://www.niche.com/places-to-live/tilden-township-marquette-mi/

https://www.ci.huntington-woods.mi.us/

https://www.hudsonville.org/

https://www.ottawahillsgr.org/

https://www.grossepointefarms.org/

https://www.michigan.org/city/okemos

https://loditownshipmi.org/

https://royaltontownship.org/

https://www.eastgr.org/

https://www.michigan.org/city/berkley

https://www.niche.com/places-to-live/n/eastgate-grand-rapids-mi/

http://www.larkintownship.org/

This study looked at cities, townships, suburbs and towns, but what about just the best city in Michigan to buy a house?

When it comes to cities, Lansing is actually No. 1 on the list, followed by Grand Rapids. Ann Arbor is next, followed by Warren and Detroit.

For Lansing, which was ranked the No. 1 city to buy a house in Michigan, Niche says, "Lansing is a city in Michigan with a population of 117,159. Lansing is in Ingham County. Living in Lansing offers residents a dense suburban feel and most residents own their homes. In Lansing there are a lot of coffee shops and parks. Many families and young professionals live in Lansing and residents tend to lean liberal. The public schools in Lansing are above average."

This list is via Niche.com.