Key Highlights

  • WalletHub compared 300 cities of various sizes across 26 key indicators
  • Market attractiveness, affordability, quality of life, cost of living, real estate tax rates and property-crime rate just some of indicators
  • Location of home as important as features of home

First-time homebuyers make up a good percentage of the housing market. In Q4 2019, WalletHub found that first-time buyers bought 39% of all single-family home purchases.

 

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It’s too soon to tell who is buying what this year, particularly because of the COVID-19 pandemic and soaring unemployment but, that being said, this year record low mortgage interest rates are a huge temptation for first-time homebuyers.

WalletHub recently released its 2020 list of the best and worst cities for first-time homebuyers. We’ll take a look at that overall list as well as others that are broken down into specific bests and worsts:

Best Large Cities for First-Time Buyers

Overall Rank     City                                       Total Score

  1.                   Henderson NV                          64.6
  2.                   Boise ID                                  62.99
  3.                   Thornton CO                            62.98
  4.                   Chesapeake VA                        62.89
  5.                   Gilbert AZ                                62.87
  6.                   Tampa FL                                 62.65
  7.                    Las Vegas NV                          62.2
  8.                    North Las Vegas NV                 62.02
  9.                    Peoria AZ                                61.27
  10.                    Lincoln NB                               60.91

Worst Large Cities for First-Time Buyers

Overall Rank      City                                       Total Score

  1.                     Washington DC                       42.59
  2.                     Honolulu HI                            42.51
  3.                     Corpus Christi TX                    42.19
  4.                     Long Beach CA                       41.26
  5.                     Miami FL                                40.44
  6.                     Los Angeles CA                       36.78
  7.                     Oakland CA                             36.76
  8.                     New York                                35.81
  9.                     Detroit MI                               35.22
  10.                     San Francisco CA                     32.74

*WalletHub also ranked Medium and Small-sized Cities

 Most Affordable Housing           Least Affordable Housing

  1. Akron OH                             T-283. Los Angeles CA
  2. Peoria AZ                             T-283. San Francisco CA
  3. Rochester NY                        T-283. Glendale CA
  4. Toledo OH                             T283. Santa Barbara CA
  5. Rockford IL                            T283. Berkeley CA

 

Lowest Cost of Living                   Highest Cost of Living

  1. Laredo TX                                T-274. San Mateo CA
  2. Memphis TN                             T-274. Brockton MA
  3. Flint MI                                    T-274. Quincy MA
  4. Fort Smith AR                           T-274. Lynn MA

T-274. Sunnyvale CA

Highest Median Appreciation    Lowest Median Appreciation

  1. Richmond CA                             253. Albany NY
  2. Miami Gardens FL                      254. Stamford CT
  3. Vallejo CA                                 255. Springfield IL
  4. Oakland CA                               256. Little Rock AR
  5. Sunrise FL                                 257. Erie PA

There are many more categories and specific breakdowns. To read the entire list of WalletHub’s best and worst cities of all sizes for first-time homebuyers, click…

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

 

Also read: Be the Agent a Buyer/Seller Turns to for Help, 4 Things for Homebuyers to Consider in 2020, All Home Buyers are Becoming Older

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