Smaller U.S. towns in the Northeast have the most affordable options for young adults looking to buy their first home, according to new real estate data.
Communities such as Somersworth, New Hampshire, and Windsor Locks, Connecticut, are ever more attractive to 25-to-34-year-olds because they offer plenty of restaurants and are within a 30-minute commute of a larger metropolitan area, a new"The Northeast offers affordability once you move outside of the bigger cities," Realtor.com Chief Economist Danielle Hale told CBS MoneyWatch.
A dearth of affordable housing has been a problem for years in the U.S., exacerbated last year by a huge jump in mortgage rates as the Federal Reserve sought to curb inflation. Although that had deterred many people from plunging into the market, millions barreled ahead and bought homes last year, even as the average interest rate for a home loan shot up past 7% at one point, U.S. Census According to Realtor.
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