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.
To view the full report and your city’s rank, please visit:
https://wallethub.com/edu/best-and-worst-cities-for-first-time-home-buyers/5564/