For the third year in a row, Louisville, Kentucky has been named to SmartAsset.com’s list of top 10 cities to buy a first home.
To compile the list, analyst examined data from every U.S. city with at least 300,000 residents. Of the 64 eligible cities, analyst considered the value per square foot, loan funding ratio, affordability ratio, and market volatility, as well as the number of HUD-approved mortgage lenders each city has, and how many negative quarters each city has experience since 2011.
Louisville made the list in large part because the city provides the perfect combination of affordable homes and access to mortgages.
It’s Easier to get a Mortgage in Louisville
According to the study, there are 72 HUD-approved lenders in Louisville. What’s even better is that three out of every four applicants for a conventional mortgage in Jefferson County are approved and processed. So if you’re a first-time homebuyer in Louisville, there’s a good chance you’ll get approved for a home loan.
One of the Most Affordable Cities for Homeowners
Best of all, buying in Louisville increases the likelihood that you’ll be able to find the home of your dreams at a price you can afford. Of all 64 cities considered in the study, Louisville had the ninth-highest affordability ratio.
According to the study’s methodology, the affordability ratio “looked at the ratio of median household income to median annual housing costs (within the first five years of ownership), including property taxes, closing costs and homeowners insurance.”
Buy Your First Home
If you’re looking for your first home, we’re here to help. We have a number of affordable move-in ready homes available in a number of Louisville communities. Simply contact our new-home experts at 502-245-6159 and they’ll guide you on your way to homeownership.