In the search for a first home, buyers must balance what they want and need with what they can afford, among a host of other factors including interest rates, market prices, their eligibility to get a mortgage, the home's location, and so on. Given that eight out of 10 Millennials say they regret buying a home in the last year, there's a lot to consider to avoid having first-time buyer misgivings.
WalletHub compared 300 U.S. cities of varying sizes across 22 key indicators of market attractiveness, affordability, and quality of life to determine the most favorable housing markets for first-time homebuyers. The top five cities overall are in Florida, with the top two most affordable cities being Springfield and Peoria in Illinois, while Laredo, Texas, comes out on top for cost of living.
Where a home is located is just as important as what features it has. If the neighborhood is unpleasant, it can sour the experience of a great home. Potential buyers may want to narrow their search down to an area with a good reputation before getting into housing details.
To simplify the process, WalletHub compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability and quality of life. Our data set ranges from cost of living to real-estate taxes to property-crime rate.