With July being one of the top months for home sales and nearly 40% of 2018’s single-family home purchases made by first-time buyers, the personal-finance website WalletHub today released its report on 2019's Best & Worst Cities for First-Time Home Buyers as well as accompanying videos.
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.
|Best Cities for First-Time Home Buyers||Worst Cities for First-Time Home Buyers|
|1||Tampa, FL||291||Elizabeth, NJ|
|2||Overland Park, KS||292||Daly City, CA|
|3||Thornton, CO||293||El Monte, CA|
|4||Grand Rapids, MI||294||Newark, NJ|
|5||Boise, ID||295||Westminster, CA|
|6||Greeley, CO||296||San Mateo, CA|
|7||Peoria, AZ||297||Oakland, CA|
|8||Arvada, CO||298||Santa Barbara, CA|
|9||McKinney, TX||299||Detroit, MI|
|10||Centennial, CO||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 1.83, which is 8.2 times cheaper than in Berkeley, California, the city with the least affordable housing, with a ratio of 15.04.
- Honolulu has the lowest real-estate tax rate, 0.29 percent, which is 12.9 times lower than in Waterbury, Connecticut, the city with the highest at 3.74 percent.
- Cleveland has the highest rent-to-price ratio, 16.00 percent, which is 6.1 times higher than in Sunnyvale, California, the city with the lowest at 2.61 percent.
- Shreveport, Louisiana, has the lowest average energy cost per household, $93.58, which is 4.2 times lower than in Honolulu, the city with the highest at $388.65.
View the full report and your city’s rank.