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.
Over 9 million people have enjoyed Bellyitch's Award-winning Celeb "bumpwatch" pregnancy and parenting blog. Trying to Conceive? Download our FREE Fertility 100 ebook. Hunting for Top Maternity or Kids Brands? Our Bellyitch 100 is the free resource for you. Baby Shower Shopping? Check out out Top Picks on Amazon or our Gift Guides.
To view the full report and your city’s rank, please visit: