7 Colorado Cities Make Top 30 Best Cities for First-Time Home Buyers List
Mortgage interest rates are hitting record lows, but many Americans struggling financially due to the COVID-19 pandemic, and the personal-finance website WalletHub today released its report on 2020's Best & Worst Cities for First-Time Home Buyers.
To determine the most favorable housing markets for first-time buyers, WalletHub took the pulse of real estate in 300 cities of varying sizes using 26 key metrics. The data set ranges from housing affordability to real-estate tax rate to property-crime rate.
Thornton, Arvada, Centennial, Greeley, Longmont, Westminster and Pueblo all made the top 30 list.
You can see the map below.
|Best Cities for First-Time Home Buyers||Worst Cities for First-Time Home Buyers|
|1. Henderson, NV||219. San Mateo, CA|
|2. Boise, ID||292. Miami Beach, FL|
|3. Thornton, CO||293. Daly City, CA|
|4. Chesapeake, VA||294. Los Angeles, CA|
|5. Gilbert, AZ||295. Oakland, CA|
|6. Tampa, FL||296. New York, NY|
|7. Las Vegas, NV||297. Detroit, MI|
|8. North Las Vegas, NV||298. Santa Barbara, CA|
|9. Peoria, AZ||299. San Francisco, CA|
|10. Lincoln, NE||300. Berkeley, CA|
Best vs. Worst
- Akron, Ohio, has the most affordable housing (median house price divided by median annual household income), with a ratio of 1.90, which is 7.8 times cheaper than in Berkeley, California, the city with the least affordable housing, with a ratio of 14.82.
- Honolulu has the lowest real-estate tax rate, 0.29 percent, which is 13.1 times lower than in Waterbury, Connecticut, the city with the highest at 3.79 percent.
- Rochester, New York, has the highest rent-to-price ratio, 15.88 percent, which is 4.7 times higher than in Sunnyvale, California, the city with the lowest at 3.38 percent.
- Westminster, Colorado, has the lowest total home-energy cost per month, $99.29, which is 3.9 times lower than in Honolulu, the city with the highest at $388.18.
You can find the full list of Colorado cities click here.