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Tags: West Virginia: a Magnet for First Time Home Buyers
There’s 50 states in this great nation, and West Virginia is No. 1 for first-time home buyers.
During the past 10 years, first-time home buyers flooded the Mountain State. From 2003 to 2013, the amount of new first-time home buyers in West Virginia increased by more than 57 percent while foreclosures in 2015 remained low, holding at 0.01 percent.
Days ago, GoBankingRates conducted a nationwide survey and found the Mountain State to be most desirable. A number of factors make up the findings that place West Virginia above the rest.
Let’s take a look:
Low costs
The low costs of buying a home in West Virginia make it accessible and affordable for folks on a budget. The median sale price of a home in the Mountain State is $115,850, according to reports from Zillow. This translates to a $550 monthly payment for a 30-year mortgage. That’s almost 40 percent less than the monthly payment one can expect to endure for rent.
Helpful Resources
Strong and easily accessible public programs are available for first time home buyers in West Virginia. The West Virginia Housing Development Fund offers a special Homeownership Program that provides 100 percent financing for first-time home buyers who meet income requirements. The state also offers Down-Payment/Closing Cost Assistances programs.
Solid Market
West Virginia holds a resilient housing market, containing a plethora of homes for all styles, needs and budgets. A long winter has brought forth a healthy spring and summer for both home buyers and home sellers. Demand from home buyers continues to rise as interest rates continue to sink. Home values constantly rise, adding an extra incentive for those wishing to invest and build equity.
Spring has proven to be a success for not only West Virginia, but the national housing market. In May, 32 percent of home purchases were made by first-time home buyers, according to stats from the National Association of Realtors (NAR).
“This is an encouraging sign, stemming from strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs,” said Lawrence Yun, chief economist for NAR.
Yun believes, if current trends continue, the amount of first-time home buyers entering the market will rise even further.
By Justin Waybright and Chuck Boggs
