CLARKSVILLE Tenn. – Clarksville has been ranked first in a list of the 10 best markets for first-time home buyers in the nation.
The list was compiled by Credit.com and compares the percentage of millennials in the area and the average down payment on a home.
Between 2007 and 2013, the number of millennials in Clarksville increased 46.34 percent.
The average down payment on a home in the area is $14,144.
Realtor Marion Jewell with Keller Williams Realty said the majority of first time home buyers in Montgomery County are young military families.
“The reason they are buying is because the current interest rate is so low, the lowest it’s ever been,” Jewell said. She believes buying a home is much more affordable than renting for military families in this area because of the government assistance available to them.
“VA loans are the only loans that require no down payment at all. A first time buyer can move into a nice three bedroom, two bath, one-car garage home with literally no money out of their pocket,” she said.
See the rest of the rankings below:
2. Nashville-Davidson-Murfreesboro-Franklin, TN
3. Durham, NC
4. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
5. Des Moines-West Des Moines, IA
6. Washington-Arlington-Alexandria, DC-VA-MD-WV
7. Columbus, OH
8. Fayetteville, NC
9. Little Rock-North Little Rock-Conway, AR
10. Augusta-Richmond County, GA-SC