Grand Rapids was ranked in the top cities for first-time home buyers by LendingTree, and online lending exchange. The city ranked third out of the nation's 100 largest cities, outranking areas such as Indianapolis and Cincinnati.
In the study, LendingTree compared cities based on factors such as average down payment amount, the share of buyers using an FHA mortgage, average down payment percentage, and the share of homes sold that the median income family can afford.
According to their calculations, Grand Rapids is the best place to be an FHA borrower, as the city, "tops the rankings for non-prime credit share of FHA borrowers at 59% and FHA benefit with a down payment at just 22% of the amount paid by other borrowers," (LendingTree, 2018).
Here are the top 10 best cities for first-time home buyers:
1. Little Rock, Ark.
2. Birmingham, Ala.
3. Grand Rapids, Mich.
4. Youngstown, Ohio
5. Winston, N.C.
6. Dayton, Ohio
8. Scranton, Pa.