WalletHub, a personal finance website, assessed factors like housing affordability, real estate tax rates and property crime rates to de the most favorable housing markets for first-time homebuyers.
The company compared 300 cities across 27 key indicators of market attractiveness, affordability and quality of life to determine attractiveness.
These were the best and worst markets for first-time homebuyers: Here are the best cities: Broken Arrow, OK Tampa, FL Centennial, CO Boise, ID Grand Rapids, MI Thornton, CO Frisco, TX McKinney, TX Cary, NC Gilbert, AZ Here are the worst cities: Anchorage, AK Newark, NJ Elizabeth, NJ Miami Beach, FL Oakland, CA San Mateo, CA San Francisco, CA Flint, MI Detroit, MI Berkeley, CA In June, rising employment and increasing wages led to a slight climb in mortgage rates, according to Freddie Mac’s latest Primary Mortgage Market survey.
The positive trend and lower mortgage rates are expected to give some previously priced-out prospective homebuyers the financial wherewithal to resume their home search, according to Freddie Mac Chief Economist Sam Khater.
Last week, First American indicated that a large percentage of Millennials are creating the vast demand for potential homeownership.
As these young homebuyers make it to the market, they should avoid gentrified neighborhoods and choose locations they are committed to living in for several years, according to Chair of Finance, Law and Real Estate at California State University James Refalo.