ATHLETES drafted into the NFL will soon be moving into new homes, and living near them could cost millions.
The NFL draft began on Thursday night, granting many players a spot in the league.
Athletes may be purchasing new homes in some of the country’s top markets, according to Realtor.com.
This includes quarterback Caleb Williams, who was selected with the first overall pick by the Chicago Bears.
The Washington Commanders, New England Patriots, Arizona Cardinals and Los Angeles Chargers were the remaining top five picks.
CHICAGO
Rookies heading to the Bears expect an average listing price of $374,900.
Luckily, the city has 11,333 homes for sale as of March 2024, so there’s plenty to choose from.
WASHINGTON DC
Fellow quarterback Jayden Daniels was selected by the Commanders as the second pick.
Last month in DC, there were just 6,335 homes for sale, and the median listing price was $604,300.
BOSTON
The New England Patriots also drafted a quarterback, selecting Drake Maye.
Boston is just over an hour from Foxborough, where the Patriots play at Gillette Stadium.
The city had just 3,737 homes for sale in March, with a median listing price of $879,950.
PHOENIX
Wide receiver Marvin Harrison Jr. was drafted by the Arizona Cardinals.
He will play at State Farm Stadium in Glendale, which is just 20 minutes from Phoenix.
In March, there were 13,407 homes for sale and a median listing price of $534,900.
LOS ANGELES
LA is the most expensive city on the list, with a median residential listing price of $1.15 million.
There were 9,736 homes for sale in March, giving forward Joe Alt a good range if he makes the move.
What help is there for first-time buyers?
Climbing the property ladder may seem like a daunting task, but there are schemes available to help first-time buyers. Below we have gathered the main options:
Federal Housing Administration (FHA) loans: The Federal Housing Administration (FHA) administers the FHA Loan Program. This can be a good mortgage option if you are a first-time buyer because the requirements are not as strict as for other loans.
Homeownership vouchers: The scheme offers home-buying subsidies to low-income Americans who are first-time buyers. For more information, contact your location Public Housing Agency (PHA).
Good neighbor next door: Certain teachers, emergency workers, and law enforcement may take advantage of the Good Neighbor Next Door Program. Offers 50% discount on selected properties. In exchange, you must commit to living in the property for at least 36 months.
State programs: Many state housing authorities offer help in the form of combined closing costs and down payment assistance programs with favorable mortgage rates. To find out what’s available for first-time buyers in your area, contact your state directly.
ANOTHER OPTION
An NFL career can be unpredictable, so newcomers may want to consider renting rather than putting down roots somewhere.
According to a study by Realtor.com, last February marked the seventh annual rent reduction from zero – for two-bedroom properties.
The report also found that renters in 29 of the 50 largest metro areas, including Memphis, Tennessee, and Austin, Texas, saw prices fall.
The top five metros that saw rent reductions and their average rental costs in February:
- Memphis, TN – $1,251 down 5%
- Austin, TX – $1,530 down 4.4%
- Atlanta, GA – $1,613 down 4.1%
- Nashville, TN – $1,589 down 4.1%
- Louis, MO – $1,300 at 3.9%
“Rents have fallen, in general, because there is more inventory due to the addition of new apartment communities, sellers turning into renters and homes that have been purchased for investment in the last three years,” said realtor Brad Pauly of Pauly Presley Realty
He explained that new apartments, higher interest rates and more investors are the main drivers of increased supply.
An expert from Realtor.com also revealed the nine most affordable cities for retirees, where homes start at just $110,000.
Plus, see the 10 most active real estate markets.
This story originally appeared on The-sun.com read the full story
