If you're a rookie home shopper eyeing the map, one Florida city just jumped to the top of the list. A new WalletHub analysis of 300 cities ranks Palm Bay as the most favorable spot in the country for first-time buyers, based on nearly two dozen factors tied to affordability, housing supply, and quality of life. The personal finance site notes that today's first-timers are a shrinking slice of the market—21% last year versus a long-term norm of 40%—as high prices and interest rates push ownership out of reach for many. Palm Bay stands out for having a lot of listings and new construction per resident, plus one of the highest homeownership rates among millennials. Here, the top and bottom 10 cities for those looking to make an initial real-estate move:
Best Cities for First-Time Buyers
- Palm Bay, Florida (No. 1 in "Real-Estate Market" category)
- Surprise, Arizona
- Gilbert, Arizona
- Tampa, Florida
- Yuma, Arizona
- Peoria, Arizona
- Boise, Idaho
- Chandler, Arizona
- Orlando, Florida
- Murfreesboro, Tennessee
Worst Cities for First-Time Buyers - Glendale, California
- San Mateo, California
- Los Angeles
- Costa Mesa, California
- San Francisco
- Anchorage, Alaska (last in "Quality of Life" category)
- Oakland, California (last in "Real-Estate Market" category)
- Santa Barbara, California
- Santa Monica, California (last in "Affordability" category)
- Berkeley, California
See how other cities fared
here. (The world's
most livable city is like living in a fairy tale.)
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