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WalletHub Study: 2020’s Best & Worst Cities for First-Time Home Buyers

With mortgage interest rates hitting record lows but many Americans struggling financially due to the COVID-19 pandemic, the personal-finance website WalletHub today released its report on 2020’s Best & Worst Cities for First-Time Home Buyers, as well as accompanying videos.

To determine the most favorable housing markets for first-time buyers, WalletHub took the pulse of real estate in 300 cities of varying sizes using 26 key metrics. The data set ranges from housing affordability to real-estate tax rate to property-crime rate.

Best Cities for First-Time Home Buyers

1. Henderson, NV
2. Boise, ID
3. Thornton, CO
4. Chesapeake, VA
5. Gilbert, AZ
6. Tampa, FL
7. Las Vegas, NV
8. North Las Vegas, NV
9. Peoria, AZ
10. Lincoln, NE

Worst Cities for First-Time Home Buyers

219. San Mateo, CA
292. Miami Beach, FL
293. Daly City, CA
294. Los Angeles, CA
295. Oakland, CA
296. New York, NY
297. Detroit, MI
298. Santa Barbara, CA
299. San Francisco, CA
300. Berkeley, CA

Best vs. Worst

Akron, Ohio, has the most affordable housing (median house price divided by median annual household income), with a ratio of 1.90, which is 7.8 times cheaper than in Berkeley, California, the city with the least affordable housing, with a ratio of 14.82.

Honolulu has the lowest real-estate tax rate, 0.29 percent, which is 13.1 times lower than in Waterbury, Connecticut, the city with the highest at 3.79 percent.

Rochester, New York, has the highest rent-to-price ratio, 15.88 percent, which is 4.7 times higher than in Sunnyvale, California, the city with the lowest at 3.38 percent.

Westminster, Colorado, has the lowest total home-energy cost per month, $99.29, which is 3.9 times lower than in Honolulu, the city with the highest at $388.18.

To view the full report and your city’s rank, please visit:

This article was released by WalletHub.