With just 32% of home purchases last year made by first-time buyers, compared to the historical average of 40%, the personal-finance website WalletHub today released its report on the Best & Worst Cities for First-Time Home Buyers in 2024, as well as expert commentary, to identify where people stand to save the most money and enjoy the best living conditions.
WalletHub took the pulse of real estate in 300 cities of varying sizes using 22 key metrics. The data set ranges from housing affordability to the real-estate tax rate to the crime rate.
| Best Cities for First-Time Home Buyers | Worst Cities for First-Time Home Buyers | |
| 1. Palm Bay, FL | 291. New York, NY | |
| 2. Cape Coral, FL | 292. Costa Mesa, CA | |
| 3. Port St. Lucie, FL | 293. Glendale, CA | |
| 4. Tampa, FL | 294. Los Angeles, CA | |
| 5. Orlando, FL | 295. San Francisco, CA | |
| 6. Surprise, AZ | 296. Oakland, CA | |
| 7. Lakeland, FL | 297. Santa Barbara, CA | |
| 8. Boise, ID | 298. Anchorage, AK | |
| 9. Gilbert, AZ | 299. Santa Monica, CA | |
| 10. Henderson, NV | 300. Berkeley, CA |
Best vs. Worst
- Detroit, Michigan, has the most affordable housing (median house price divided by median annual household income), which is 10.4 times cheaper than in Santa Barbara, California, the city with the least affordable housing.
- Honolulu has the lowest real-estate tax rate, which is 11 times lower than in Waterbury, Connecticut, the city with the highest.
- Flint, Michigan, has the highest rent-to-price ratio, which is 14.2 times higher than in Santa Monica, California, the city with the lowest.
- Baton Rouge, Louisiana, has the lowest total home-energy cost per month, which is 3.4 times lower than in Bakersfield, California, the city with the highest.
