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Best & Worst Cities for First-Time Home Buyers

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


Key Stats 

  • 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:
http://wallethub.com/edu/best-and-worst-cities-for-first-time-home-buyers/5564/

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