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Dream Big!

Study: Best U.S. cities for first-time homebuyers

 

WalletHub, a financial analysis website, looked at 300 U.S. cities and three broad criteria: affordability, quality of life and the current state of the local real estate market. In general, a number of California cities hovered at the bottom of the list, while the top three cities for first-timers are in Texas.

Many Florida metro areas, however, have appeal for first-timers. Of all Florida cities, Tampa ranked highest at No. 31, though Orlando (No. 64), Port St. Lucie (No. 68) and Boca Raton (No. 69) followed close behind. Miami (No. 296) and Miami Beach (No. 296) fell near the bottom of WalletHub's list for first-timer appeal.

To determine a rank, Wallet hub looked at 23 key metrics overall:

  • Affordability – 33.33%. This includes housing affordability, average cost of homeowner's insurance, cost of living and the average home's cost per square Foot.
  • Real-Estate Market –33.33%. This includes the rent-to-price-ratio, housing-market health index, share of homes sold in one year, median home-price appreciation, foreclosure rate, buy vs. rent breakeven horizon, share of listings with price cuts, share of housing units built between 2010 and 2015, and building-permit activity.
  • Quality of Life – 33.33%. This includes recreation-friendliness, recession recovery, weather, quality of school system, driver-friendliness, total home-energy cost, violent-crime rate and property-crime rate.

WalletHub ranking of Florida cities for first-time buyers:

34. Tampa

64. Orlando

68. Port St. Lucie

69. Boca Raton

75. St. Petersburg

95. Cape Coral

88. Palm Bay

103. Clearwater

111. Jacksonville

122. Sunrise

126. Pembroke Pines

134. Lakeland

146. Davie

152. Plantation

159. Miramar

166. Gainesville

180. West Palm Beach

183. Hollywood

188. Coral Springs

194. Pompano Beach

214. Miami Gardens

234. Tallahassee

236. Fort Lauderdale

242. Hialeah

286. Miami

296. Miami Beach

For a complete list of all 300 U.S. cities and more information on the research, visit WalletHub's website.

© 2017 Florida Realtors

 

Related Topics: Buyer services