July is one of the top months for buying a home. In 2017, close to 40% single-family homes purchased by first-time buyers were made in July. To commemorate the month of home-buying, personal finance website WalletHub took an in-depth look at 2018’s Best & Worst Cities for First-Time Home Buyers.
To determine the most favorable housing markets for first-time buyers, WalletHub took the pulse of real estate in 300 cities of varying sizes using 27 key metrics. The data set ranges from housing affordability to real-estate tax rate to property-crime rate. If you’re in the market for a new home before you start packing your boxes and making the big move, check out these best and worst cities for first-time buyers.
|Best Cities for
First-Time Home Buyers
|Worst Cities for
First-Time Home Buyers
|1||Broken Arrow, OK||291||Anchorage, AK|
|2||Tampa, FL||292||Newark, NJ|
|3||Centennial, CO||293||Elizabeth, NJ|
|4||Boise, ID||294||Miami Beach, FL|
|5||Grand Rapids, MI||295||Oakland, CA|
|6||Thornton, CO||296||San Mateo, CA|
|7||Frisco, TX||297||San Francisco, CA|
|8||McKinney, TX||298||Flint, MI|
|9||Cary, NC||299||Detroit, MI|
|10||Gilbert, AZ||300||Berkeley, CA|
Best vs. Worst
- Akron, Ohio, has the most affordable housing (median house price divided by median annual household income), with a ratio of 1.72, which is 8.9 times cheaper than in Berkley, California, the city with the least affordable, with a ratio of 15.25.
- Honolulu has the lowest real-estate tax rate, 0.28 percent, which is 13 times lower than in Waterbury, Connecticut the city with the highest at 3.65 percent.
- Cleveland, Ohio has the highest rent-to-price ratio, 17.8 percent, which is 4.7 times higher than in San Mateo, California, the city with the lowest at 3.8 percent.
- Shreveport, Louisiana, has the lowest average energy cost per household, $109.48, which is four times lower than in Honolulu, the city with the highest at $432.62.
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