Posted on March 12, 2015 by Corey Hart
Mar

12

2015

Using Big Data Drawn from its $45b Marketplace, RBI Data Identifies
The Most Affordable Neighborhoods for First-time Buyers

BALTIMORE, MD—March 12, 2015--First-time home buyers looking for affordable starter homes this spring can choose from a wide variety of local communities and neighbors in the greater Baltimore market, according to a new listing of 20 Home Buyer Hot Spots from RealEstate Business Intelligence (RBI) based on the latest listings on the Mid-Atlantic Regional Listing Service (MRIS).

Though Baltimore is known nationally as a top market, many buyers are unfamiliar with neighborhoods that feature a wide selection of affordable listings because good prices on starter homes can be found in every county as well as Baltimore City.

“Our list of 20 home buyer hot spots is based on the latest listing data at the hyper local level.  We’ve tried to create a road map for buyers that will expand their horizons to include neighborhoods that may not have considered.  Baltimore is full of attractive and affordable neighborhoods to fit every lifestyle” said John Heithaus, chief evangelist for RBI.

Posted on March 12, 2015 by Corey Hart
Mar

12

2015

Using Big Data Drawn from its $45b Marketplace, RBI Data Identifies
The Most Affordable Neighborhoods for First-time Buyers

WASHINGTON DC—March 12, 20015— First-time home buyers looking for affordable starter homes this spring can choose from a wide variety of local communities and neighbors in the greater Washington DC market, according to a new listing of 25 Home Buyer Hot Spots from RealEstate Business Intelligence (RBI) based on the latest listings on the Mid-Atlantic Regional Listing Service (MRIS).

Often ranked among the nation’s most expensive housing markets, Washington DC is also a mecca for the Millennial generation, many of whom transition from renting to homeownership with the help of affordable homes.

According to a recent Nielsen Study, Washington ranks seventh among cities popular with Millennials and first among East Coast markets and it has been called the fastest growing destination for the Millennial generation. Thousands move to the nation’s capital each year, attracted to its cultural, educational and career opportunities.  

The Washington market also ranks among the top markets in the nation in terms of its median family income, which makes it possible for most Washington area families to qualify for more expensive housing.  According to the Bureau of Labor Statistics, the median income for the Washington Metro is $65,250. To buy a home at $372, 800, with 20 percent down and a 30 year fixed rate mortgage at 3.98 percent, buyers need an annual income of $77,395, according to the National Association of Realtors and mortgage web site HSH.com.

RBI created an index to rank local markets by zip code that incorporates total number of listings below $300,000 and $200,000, saturation of lower priced listings in the hyper local market’s inventory and median price of active listings.

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