Map Shows Worst Cities for First-Time Homebuyers
Summary
A new WalletHub report ranked 300 U.S. cities to find the best and worst places for first-time homebuyers. Berkeley, California, was rated the worst city due to its high housing costs, poor market conditions, and lower quality of life. Many of the hardest cities to buy a first home in are located in California, while Florida and Arizona offer more affordable options.Key Facts
- WalletHub used 22 factors like housing costs, taxes, crime rates, and job market strength to rank cities.
- Berkeley, California, ranked last among 300 cities with a low score in affordability, housing market, and quality of life.
- Nine of the 10 worst-ranked cities for first-time buyers are in California; Anchorage, Alaska, is the only non-California city in the bottom 10.
- High home prices and mortgage rates have reduced first-time buyers to 21% of the market, down from a historical average of 40%.
- The average 30-year mortgage rate was 6.49% as of early July 2024.
- New York City also scored low, ranking 288th due to high costs and market challenges.
- Cities in Florida and Arizona were ranked more favorably for first-time homebuyers.
- The study looked only at city limits, not the greater metro areas, and categorized cities by population size.
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