1

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

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 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