Real Estate

Here’s how to afford to buy your first home with a lower down payment


The Central Business District of Pittsburgh

J. Altdorfer Photography | Getty Images

After bidding wars during the pandemic, demand for home purchases has fallen amid higher mortgage interest rates. That dynamic has made some markets are more attractive for first-time home buyers for 2023, according to a Zillow report released this week.

The real estate site found the “best opportunity” for first-time buyers in metros areas with more affordable rent, less competition and a higher inventory of homes for sale.  

“The affordability hurdle is very tough,” said Matt Hackett, manager of operations at Equity Now, a mortgage lender in Mamaroneck, New York, that operates in five states. 

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