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WalletHub Study: 2021’s Best & Worst Cities for First-Time Home Buyers

With 14% more people becoming first-time homeowners last year compared to the previous year, the personal-finance website WalletHub today released its report on 2021’s Best & Worst Cities for First-Time Home Buyers, as well as accompanying videos and expert commentary.

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 22 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 Worst Cities for First-Time Home Buyers
1. Chesapeake, VA 291. Boston, MA
2. Gilbert, AZ 292. Burbank, CA
3. Lincoln, NE 293. Glendale, CA
4. Cape Coral, FL 294. Santa Barbara, CA
5. Boise, ID 295. San Mateo, CA
6. Hampton, VA 296. Los Angeles, CA
7. Peoria, AZ 297. Santa Monica, CA
8. Virginia Beach, VA 298. San Francisco, CA
9. Norfolk, VA 299. Oakland, CA
10. Surprise, AZ 300. Berkeley, CA

Best vs. Worst

  • Toledo, Ohio, has the most affordable housing (median house price divided by median annual household income), with a ratio of 1.06, which is 19.1 times cheaper than in Santa Barbara, California, the city with the least affordable housing, with a ratio of 20.29.
  • Honolulu has the lowest real-estate tax rate, 0.29 percent, which is 12.9 times lower than in Waterbury, Connecticut, the city with the highest at 3.74 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.
  • New Orleans has the lowest total home-energy cost per month, $97.27, which is 4.8 times lower than in Honolulu, the city with the highest at $470.38.

To view the full report and your city’s rank, please visit: https://wallethub.com/edu/best-and-worst-cities-for-first-time-home-buyers/5564

This article was released by WalletHub.