It is a notable irony that homeownership is singled out as an essential step toward long-term financial wellness, but actually being able to afford a first home is becoming increasingly unrealistic for today's young adults. Home prices climbed at a record pace during the last year and a half, according to CNBC. Forbes Advisor and the National Association of Realtors recently reported that the median price for an existing home in the United States jumped 15% between August 2020 and August 2021. At the same time, high demand for real estate has created a nationwide housing boom. So while current homeowners may be able to parlay their equity into a new property, first-time homebuyers, many of whom are millennials at the beginning of their careers, struggle to afford a down payment on a first home. It follows that many young adults are moving away from cities to more affordable suburban and rural areas — a decision that's all the more feasible thanks to today's widespread remote-work culture. The slideshow above illustrates 10 cities in the U.S. where first-timers may have a shot at buying a home, according to Forbes Advisor. These are places where property prices are less inflated than elsewhere around the country. However, life in the not-so-fast lane may not be all sunshine and roses, which is why it's advisable to spend some time in a new town and get to know a few residents before purchasing property there. "A brief stay in a location and living there full time are two completely different experiences," Dottie Herman, vice chair of the real estate brokerage Douglas Elliman, tells Forbes Advisor. This is "something that many people learn when they buy their first home." See also: |

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