WalletHub analyzed 300 US cities to determine the best and worst locations for first-time homebuyers based on 22 factors. These factors included affordability, local real estate market conditions, and quality of life, which encompasses housing costs, crime rates, school quality, and weather. The report indicates a decline in first-time homebuyers, with their market share falling from 32% to 24%, the lowest since 1981. Additionally, the median age of first-time buyers increased from 35 to 38, showcasing the increasing challenges faced in the housing market.
WalletHub ranked 300 US cities to reveal the best and worst places for first-time homebuyers, scoring them based on affordability, market conditions, and quality of life.
Data from the National Association of Realtors indicates a significant decline in the market share of first-time homebuyers, dropping to 24% for the first time since tracking began.
The median age of first-time homebuyers has increased from 35 in 2023 to 38 in 2024, reflecting the challenges faced by new buyers in today's market.
According to WalletHub, the best cities for first-time homebuyers not only offer affordable housing but also provide a range of housing options, low crime rates, and quality schools.
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