Fewer than 35 percent of adults under age 35 own a home, according to personal finance site SmartAsset.
While buying a home may seem like a daunting process in your 20s or even early 30s, it's more than possible — if you know where to look.
In a 2016 report, SmartAsset determined the best U.S. cities for first-time homebuyers. The site ranked every U.S. city with a population of over 300,000 based on seven metrics: the number of mortgage lenders, loan funding rate, value per square foot of home, affordability ratio (the ratio of median household income to ownership costs), homeowner stability, market volatility and the number of quarters since 2010 that home prices declined. You can read the full methodology in the report.
According to the findings, first-time homeowners will get the best buys in Oklahoma and Texas — six of the top 15 cities are in these two states.
Read on to see which cities made the cut. We also included the percentage of loans that get approved (for reference, the average loan funding rate for major U.S. cities is 69 percent), the average price per square foot of home, the average monthly mortgage payment (based on a 30-year fixed mortgage rate), and the median household income for each city, all provided by SmartAsset.
15. Anchorage, Alaska
Loan funding rate: 79%
Average price per square foot of home: $191
Average monthly mortgage payment: $1,110
Median household income: $78,121
14. Columbus, Ohio
Loan funding rate: 76%
Average price per square foot of home: $78
Average monthly mortgage payment: $570
Median household income: $51,890
13. Arlington, Texas
Loan funding rate: 73%
Average price per square foot of home: $82
Average monthly mortgage payment: $529
Median household income: $57,727
12. Colorado Springs, Colorado
Loan funding rate: 77%
Average price per square foot of home: $115
Average monthly mortgage payment: $823
Median household income: $57,487
10. Fort Worth, Texas (TIE)
Loan funding rate: 73%
Average price per square foot of home: $76
Average monthly mortgage payment: $529
Median household income: $57,727
10. Dallas (TIE)
Loan funding rate: 70%
Average price per square foot of home: $91
Average monthly mortgage payment: $490
Median household income: $49,925
9. Louisville, Kentucky
Loan funding rate: 74%
Average price per square foot of home: $88
Average monthly mortgage payment: $581
Median household income: $47,692
8. San Antonio
Loan funding rate: 62%
Average price per square foot of home: $81
Average monthly mortgage payment: $478
Median household income: $50,867
7. Wichita, Kansas
Loan funding rate: 78%
Average price per square foot of home: $77
Average monthly mortgage payment: $486
Median household income: $50,326
6. Omaha, Nebraska
Loan funding rate: 83%
Average price per square foot of home: $100
Average monthly mortgage payment: $552
Median household income: $53,444
5. Houston
Loan funding rate: $69
Average price per square foot of home: $88
Average monthly mortgage payment: $509
Median household income: $53,822
4. Pittsburgh
Loan funding rate: 58%
Average price per square foot of home: $75
Average monthly mortgage payment: $482
Median household income: $52,390
3. Indianapolis, Indiana
Loan funding rate: 77%
Average price per square foot of home: $69
Average monthly mortgage payment: $456
Median household income: $42,378
2. Tulsa, Oklahoma
Loan funding rate: 74%
Average price per square foot of home: $72
Average monthly mortgage payment: $515
Median household income: $48,926
1. Oklahoma City
Loan funding rate: 75%
Average price per square foot of home: $78
Average monthly mortgage payment: $496
Median household income: $46,584
