2017’s Best & Worst Places for First-Time Home Buyers – WalletHub Study

With July being one of the top months for home sales and more than a third of all home buyers also being first-timers, the personal-finance website WalletHub took an in-depth look at 2017’s Best & Worst Places for First-Time Home Buyers.

To determine the most favorable housing markets for first-time buyers, WalletHub’s analysts took the pulse of real estate in 300 cities of varying sizes using 23 key metrics. The data set ranges from housing affordability to real-estate tax rate to property-crime rate.

Best Places for First-Time Home Buyers Worst Places for First-Time Home Buyers
1 McKinney, TX 291 El Monte, CA
2 Frisco, TX 292 New York, NY
3 Allen, TX 293 San Mateo, CA
4 Cary, NC 294 Newark, NJ
5 Norman, OK 295 San Francisco, CA
6 Lincoln, NE 296 Miami Beach, FL
7 Richardson, TX 297 Santa Monica, CA
8 Boise, ID 298 Oakland, CA
9 Thornton, CO 299 Berkeley, CA
10 Murfreesboro, TN 300 Santa Barbara, CA

Best vs. Worst

  • Fayetteville, North Carolina, has the most affordable housing (median house price divided by median annual household income), with a ratio of 1.24, which is 12.7 times cheaper than in Santa Barbara, California, the city with the least affordable, with a ratio of 15.74.
  • Honolulu has the lowest real-estate tax rate, 0.29 percent, which is 12.3 times lower than in Waukegan, Illinois, the city with the highest at 3.56 percent.
  • Detroit has the highest rent-to-price ratio, 24.8 percent, which is 7.3 times higher than in Sunnyvale, California, the city with the lowest at 3.4 percent.
  • Laredo, Texas, has the lowest cost-of-living index, 77, which is 2.9 times lower than in Santa Clara, San Jose, and Sunnyvale, California, the cities with the highest at 223.
  • Yonkers, New York, has the fewest property crimes per 1,000 residents, 9.95, which is 9.8 times fewer than in Miami Beach, Florida, the city with the most at 97.17.
  • Colorado Springs, Colorado, has the lowest average energy cost per household, $120.34, which is 3.8 times lower than in Honolulu, the city with the highest at $455.51.

To view the full report and your city’s rank, please visit:

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