Ferndale named in top-10 best markets for first-time homebuyers in 2022

For first-time home buyers, one of the best places in the country to buy a home is just outside of Detroit. 

According to Realtor.com, the best place in Michigan to make your first home purchase is Ferndale, in Oakland County. The website's 2022 housing forecast ranked it as the 9th best place in the United States. 

Assessing markets in the 100 largest metros across the country, the Oakland County suburb scored as one of the most affordable options for young buyers - those age 25-34 years old. 

The score looked at markets that measured job opportunities, commute times, places to eat and drink, the population age, affordability, supply. 

In an era when home buying costs keep going up, available units in the trendiest and nicest places to live can be hard to come by. 

According to Realtor's list, Ferndale has a healthy supply of housing options relative to the top-10 list. It's unemployment rate is at 3.2% and the average commute time for work is about 27 minutes. 

The age group 25-34 made up 15.9% of the population share that owns a home in the city.

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However, it's the affordability index that buyers will benefit from if they plan on moving to the city. According to the website, Ferndale is the cheapest place to move relative to the average incomes of residents that own a home in the area. 

The price of a home in the city is expected to rise 5.6% over the next year - a healthy estimate. 

Here is the full list:

  1. Magna, UT
  2. Chalco, NE
  3. Mauldin, SC
  4. Beech Grove, IN
  5. Portsmouth, VA
  6. Cottage Grove, WI
  7. Grimes, IA
  8. Kuna, ID
  9. Ferndale, MI
  10. Maitland, FL