Discover Kennewick and Richland: The Best Real Estate Markets in Southeast Washington for First-Time Homebuyers
From housing affordability and health of the real estate market to the quality of life for residents, Kennewick and Richland offer exceptional benefits for first time homebuyers.
With the rapid rise in housing prices in many areas of Southeastern Washington State, many first time homebuyers are sitting on the sidelines. The reason – they cannot find a home they can afford. If you find yourself in this situation, you’ll be happy to learn that SmartAsset ranks homes in two of Tri-City communities in the top ten of the most affordable in Washington State. In addition, the same two areas are among the healthiest real estate markets in the state. Since lenders consider affordability, defined as the percentage of your housing costs in relation to your income, as one of the main factors when deciding to offer homebuyers a mortgage, you’ll find securing the funding for your first home much easier than in other areas of the state. The health of the real estate market is important for first time homebuyers because it indicates how easily you can sell your home when you are ready to trade-up to a larger house.
Kennewick, Washington: Exceptional Quality of Life and Home Affordability for First Time Homebuyers
When you buy your first home in Kennewick, Washington, you do not have to sacrifice your quality of life for affordability. Located on the southwest bank of the Columbia River, you can use the money you save in housing costs to enjoy kayaking, hiking, and fishing. Career opportunities in Kennewick abound since the community offers the third highest job growth in Washington State. Residents of Kennewick also have access to high-quality K-12 public schools and an abundance of higher-ed options at the Tri-City campus of Washington State University.
Fast Facts About Kennewick, Washington for First-Time Homebuyers
• Home Costs of a Percentage of Income: 17.8 percent
• Median Sales Price: $ 214,000
• First Time Buyers Assistance: Matching funds up to $5,000 for the downpayment and closing costs
• USDA Loans: No Money Down for Eligible Homes
• FHA Loans: Only 3.5 percent down for homes under $275,665
• Ranked 3rd Healthiest Real Estate Market in Washington State
Richland, Washington: Buy Your First Home in One of the Best Places to Live in the United States
Another option for first time homebuyers in the Tri-City Washington State area is Richland, named as one of the top ten places to live in the US by Movoto. By taking advantage of the exceptional home affordability in the Richland, WA real estate market, you can explore the 200 nearby wineries or enjoy a glass of locally produced wine at one of the city’s restaurants or wine bars. While area employers like the Pacific Northwest National Laboratory offer residents a variety of options to climb the career ladder, new homeowners in Richland also have plenty of options for relaxation at numerous parks and recreation facilities. Richland also provides families with high-performing K-12 schools.
Fast Facts About Richland, Washington for First-Time Homebuyers
• Home Costs of a Percentage of Income: 17.1 percent
• Median Sales Price: $235,000
• First Time Homebuyers Assistance: Up to $10,000 for down payment and closing costs for eligible borrowers
• USDA Loans: No Money Down for Eligible Homes
• FHA Loans: Only 3.5 percent down for homes under $275,665
• Ranked as the 2017 Healthiest Real Estate Market in Washington State