The housing market has been booming in recent years. Many people are looking to buy their own homes rather than renting. Although the prices for buying houses have skyrocketed, many first-time purchasers are unafraid to make a purchase.
Owning a home for the first time can be an exciting but challenging phase. Young homebuyers must be willing to make sacrifices. Moving to a major city with less culture or popularity may be a trade-off between affordability and convenience. The buyers should put into consideration their financial situation and purchase without strain.
The WalletHub, a personal finance website, analyzed 300 cities in the USA based on the quality of life, affordability, and the real estate market. The website came up with the top 10 best cities and top 10 worst cities for first-time homebuyers.
Virginia Beach, Boise, Surprise, Hampton, and Chesapeake are among the best cities to make a purchase or first-time buyers. The worst cities were Santa Monica, Glendale, Santa Barbara, Los Angeles, Oakland, Burbank, Berkeley, San Mateo, Berkeley, Sacramento, Boston
California topped the worst cities for first-time buyers in the list as ranked by WalletHub. The list was compiled based on affordability, job market, culture, and safety. Most of the cities on the list are quite expensive for first-time home buyers, and the crime rates are higher.
First-time home buyers should therefore be ready to compromise to get the best spot for their home. Although places closer to the cities have many cultures and activities, finding an affordable home is hard. First-time homebuyers could opt to live a little further in less popular areas for the best home prices.
To own a home in some cities like Los Angeles, California, a purchaser must have a good score credit and mortgage application. Most first-time buyers are younger, and they might not have a strong credit score. The competitive nature of real estate in metro areas is not ideal for first-time homebuyers.
Most first-time homebuyers are now looking to make purchases on the outskirts of the major towns. It is prudent to pay attention to affordability, market tightness, safety, and availability of social amenities. Aspects like the job market should also be considered if someone is interested in relocating to a new city searching for a job.