When it comes to first-time home buyers, report shows New England no bargain
3:26 p.m.
Monday, July 6, 2020 3:26 pm
With mortgage interest rates hitting record lows but many Americans struggling financially due to the COVID-19 pandemic, the personal-finance website WalletHub today released its report on 2020's Best and 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 26 key metrics. The data set ranges from housing affordability to real-estate tax rate to property-crime rate.
Best Cities for First-Time Home Buyers |
Worst Cities for First-Time Home Buyers |
1. Henderson, NV |
219. San Mateo, CA |
2. Boise, ID |
292. Miami Beach, FL |
3. Thornton, CO |
293. Daly City, CA |
4. Chesapeake, VA |
294. Los Angeles, CA |
5. Gilbert, AZ |
295. Oakland, CA |
6. Tampa, FL |
296. New York, NY |
7. Las Vegas, NV |
297. Detroit, MI |
8. North Las Vegas, NV |
298. Santa Barbara, CA |
9. Peoria, AZ |
299. San Francisco, CA |
10. Lincoln, NE |
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 1.90, which is 7.8 times cheaper than in Berkeley, California, the city with the least affordable housing, with a ratio of 14.82.
- Honolulu has the lowest real-estate tax rate, 0.29 percent, which is 13.1 times lower than in Waterbury, Connecticut, the city with the highest at 3.79 percent.
- Rochester, New York, has the highest rent-to-price ratio, 15.88 percent, which is 4.7 times higher than in Sunnyvale, California, the city with the lowest at 3.38 percent.
- Westminster, Colorado, has the lowest total home-energy cost per month, $99.29, which is 3.9 times lower than in Honolulu, the city with the highest at $388.18.
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/
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