Home Consumer Best & Worst Cities for First-Time Home Buyers; Miami Beach #299!

Best & Worst Cities for First-Time Home Buyers; Miami Beach #299!

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With July being one of the top months for home sales and a third of all home buyers also being first-timers, the personal-finance website WalletHub took an in-depth look at 2016’s Best & Worst Cities for First-Time Home Buyers.

To determine the most favorable housing markets for first-time buyers, WalletHub’s analysts took the pulse of real estate in 300 cities of varying sizes. Our 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 Overland Park, KS 291 Inglewood, CA
2 Greeley, CO 292 Paterson, NJ
3 Thornton, CO 293 New York, NY
4 Cedar Rapids, IA 294 Miami, FL
5 Westminster, CO 295 Compton, CA
6 Longmont, CO 296 Santa Barbara, CA
7 Boise, ID 297 Berkeley, CA
8 Lincoln, NE 298 Oakland, CA
9 Centennial, CO 299 Miami Beach, FL
10 Lexington, KY 300 Newark, NJ

Best vs. Worst

  • Santa Monica, Calif., has the lowest housing affordability, 6.6 percent, which is 12 times lower than in Detroit, the city with the highest, 76.5 percent.
  • Honolulu has the lowest real-estate tax rate, 0.29 percent, which is 12 times lower than in Waukegan, Ill., the city with the highest, 3.49 percent.
  • Detroit has the highest rent-to-price ratio, 23.17 percent, which is six times higher than in Sunnyvale, Calif., the city with the lowest, 3.64 percent.
  • Laredo, Texas, has the lowest cost-of-living index, which is three times lower than in New York, the city with the highest.
  • Mission Viejo, Calif., has the lowest number of property crimes per 1,000 residents, 8.9, which is 12 times lower than in Miami Beach, Fla., the city with the highest, 102.7.
  • Shreveport, La., has the lowest average energy cost per household, $127.60, which is four times lower than in Honolulu, the city with the highest, $504.30.

By  Richie Bernardo For a WalletHub News Release posted on SouthFloridaReporter.com July 19, 2016 

WalletHub is the first-ever website to offer free credit scores and full credit reports that are updated on a daily basis. But we consider that just an appetizer, as we’ve built the brain of an artificially intelligent financial advisor that will truly leave your wallet full. WalletHub’s brain performs three primary functions, providing: 1) Customized credit-improvement advice; 2) Personalized savings alerts; and 3) 24/7 wallet surveillance. Such features are supplemented by more reviews of financial products, professionals and companies than any other website offers and a diverse community of subject matter experts. WalletHub is owned by Evolution Finance, Inc. and is based in Washington, DC.

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