With July being one of the top months for home sales and a third of all home buyers also being first-timers, the leading personal finance website WalletHub took an in-depth look at 2015's Best & Worst Cities for First-Time Home Buyers.
To determine the most favorable housing markets for first-time buyers, WalletHub assessed the real-estate landscape within the 300 U.S. cities. Our data set includes such metrics as housing costs, real-estate tax rates, median home-price appreciation and property crime rates.
|Best Cities for First-Time Home Buyers||Worst Cities for First-Time Home Buyers|
|1||Overland Park, KS||291||Inglewood, CA|
|2||Allen, TX||292||Salinas, CA|
|3||Centennial, CO||293||Paterson, NJ|
|4||Broken Arrow, OK||294||Miami, FL|
|5||Frisco, TX||295||New York, NY|
|6||Plano, TX||296||Oakland, CA|
|7||Carrollton, TX||297||New Bedford, MA|
|8||McKinney, TX||298||Miami Beach, FL|
|9||Longmont, CO||299||Richmond, CA|
|10||Thornton, CO||300||Compton, CA|
- The median household annual income (adjusted for cost of living) is five times higher in Frisco, Texas, than in Paterson, N.J.
- Housing in Flint, Mich., is 13 times more affordable than in Santa Monica, Calif.
- The real-estate tax rate is 13 times higher in Waukegan, Ill., than in Honolulu.
- The rent-to-price ratio is six times higher in Detroit, than in Sunnyvale, Calif.
- The property crime rate is ten times higher in Miami Beach, Fla., than in Mission Viejo, Calif.
- The average energy cost per household is four times higher in Honolulu than in Denton, Texas.
For the full report and to see where your city ranks, please visit: