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The Worst Cities For First-Time Homebuyers by Jason Cohen Pittsburgh | Aug 5, 2020 | JasonCohenPittsburgh, real estate
Buying your rst home comes with its fair set of challenges, never more so than right now with the pandemic. While many Americans are facing nancial uncertainty, the housing market has also had some ups and downs. For those interested in buying their rst home this year, there is hope as mortgage interest rates are some of the lowest ever. There are some cities that rst-time homebuyers should avoid so they get the most bang for their buck. A ordability
There are two di erent metrics regarding a ordability – national averages and individual a ordability. The National Association of Realtors publish ndings about the housing a ordability of typical American families in a particular region. They examine data such as mortgage loan quali cations based on average income and price. Individual a ordability examines additional factors so people can make a personal assessment. It’s no surprise that many cities in California are on the list of the least-a ordable places for rst-time homebuyers to purchase. Cities that should be avoided include: Los Angeles, CA San Francisco, CA Glendale, CA Santa Barbara, CA Berkeley, CA Cost-of-Living Just because the price of a home is high, doesn’t mean it’s not a smart investment. The overall cost-of-living of a city is what dictates whether the purchase is a good idea or not. These cities have the highest cost-of-living: San Mateo, CA Brockton, MA Quincy, MA Lynn, MA Santa Barbara, CA Sunnyvale, CA Real-Estate Taxes Since real-estate taxes are only divided up by 12 months, they make up a huge chunk of a monthly mortgage. The lower the taxes, the more a ordable your monthly payment will be. These cities have some of the highest real-estate taxes in the nation: Elizabeth, NJ
Flint, MI Bridgeport, CT Paterson, NJ Waterbury, CT Property-Crime Rate If a neighborhood has a high crime rate, the property values in the area dramatically decrease. If you ever want to sell your home, it can also make that process much more di cult. These cities see some of the highest property crimes in the United States: Memphis, TN Little Rock, AR Spring eld, MS Spokane, WA Miami Beach, FL Consider all of these factors and more before you decide in which city to purchase your rst home.
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