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The reason why Metro Atlanta is great for first-time buyers

by Peter Thomas Ricci

rent-burden-furmon-center-homeownership-housing-recovery-income-inequality

The Metro Atlanta area features one of the most accessible mortgage markets in the country, according to a Credit.com analysis.

Utilizing new data from the Urban Institute, Credit.com found that the average loan-to-value in Atlanta is 87 percent, meaning the average down payment is around 13 percent; as our chart below shows, only a handful of housing markets sport better mortgage markets for homebuyers.

It’s also worth nothing that despite the prevalence of lower down payments, the average FICO score in Atlanta is still a very strong 738, which is tied for the strongest of the referenced metro areas.

Metro Area Average FICO Score Average Loan-to-Value
Detroit 728 90%
San Antonio 736 90%
Cincinnati 736 89%
Cleveland 733 88%
Las Vegas 735 88%
Orlando 738 87%
Atlanta 738 87%
Houston 736 86%
Miami 732 84%
Riverside 738 83%

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