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: