In many pockets of the country, first-time homebuyers hold the key to growth. However, young homebuyers have been a head-scratcher for some real estate experts, so WalletHub recently released a list of the most and least attractive markets for first-time homebuyers. The Best and Worst Cities for First-Time Home Buyers rankings use 19 key metrics across 300 cities of all sizes. Analysts looked at housing affordability, real estate taxes, property crime rates and quality of life. Specifically, the report looks at three categories: affordability, real estate market and quality of life. These three components contain more granular information as well. The real estate market category considers home appreciation rate, foreclosure rate, housing market health, percentage of homes sold, rent-to-price ratio and more. Quality of life measures weather, recreation, driver-friendliness, job availability, schools and more. Affordability looks as homeowner insurance, tax rate and cost o...
- The best overall city for first-time homebuyers is Overland Park, Kansas, thanks to a high quality of life ranking.
- Oakland and Miami rank as the least affordable big cities for first-time homebuyers.
- Texas communities fill the top eight of the "real estate market" category.