Dallas, TX (PRWEB) September 03, 2014
Despite the growing demand for homes in North Texas, median home values are still at affordable levels, Prudential Texas Properties reports. Because of this it’s no surprise that six Texas cities ranked among the best communities for first-time home buyers.
According to an August report by WalletHub, a personal finance company, Allen ranked as the No. 2 best community for home buyers who are just making their way into the market. The community was trailed by Denton, Frisco, Plano, McKinney and Richardson, all of which were ranked within the top 10.
Using 17 key metrics, including median home prices, real estate appreciation, price-to-rent ratios and real estate taxes, WalletHub found the top 10 to round out with communities in Oklahoma and Colorado. WalletHub measured the 300 largest cities in the United States and gave each community a ranking for affordability, its real estate market and community environment.
Allen was ranked just below Broken Arrow, Oklahoma, a suburb of Tulsa, and was given a ranking of 17 for affordability, 30 for its real estate market and 14 for the community environment.
“It’s so great to see a community like Allen receive such a high accolade as one of the best cities for first-time home buyers,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “Its ideal location, outstanding outdoor recreation and family-friendly environment are just a few reasons why first-time home buyers should consider this fantastic North Texas suburb.”
First-time home buyers are also being met with an increasing level of inventory that began to rise in March. Altos Research, a California-based real estate analytics company reports as of August 15, there were about 388 available homes. While demand is still high here, and it will likely uptick in following this report, local conditions seem to be easing slightly.
Check out this 60-second Allen housing market update
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