Seattle is the 36th Best Large City for First-Time Homebuyers According to WalletHub
WalletHub recently published a report which analyzes American cities from the perspective of first time homebuyers – ranking the cities from best to worst. According to the article, in 2017 nearly forty percent of all single-family residences were purchased by first time buyers.
Despite its notoriously competitive market, Seattle is the 36th best large city for those purchasing their first home – Tampa came in at first place, with Colorado Springs second and Raleigh rounding out the top three. Boise is the best midsize city for first time homebuyers and Broken Arrow, OK ranked number one among small cities. The report analyzed 300 cities and looked at 27 different factors.
For purposes of the report, a large city is one with more than three hundred thousand residents and only the city proper was considered – not the surrounding areas. WalletHub considered over two dozen factors when calculating the scores for each city. The main categories considered were: affordability, the state of the real estate market and overall quality of life in each metropolitan area. The affordability category score was calculated by measuring factors such as overall affordability, cost of insuring a home and real estate tax rates, to name a few. The real estate market score included multiple factors: foreclosure rates, how many mortgage holders had negative equity in a city and mortgage lenders per capita along with others. Quality of life included weather, school system quality and even driver friendliness, to name a few. All factors and an explanation of methodology can be found here.