Two Arizona cities appear on WalletHub’s list of Best Places for First Time Home Buyers, Gilbert and Peoria. In regard to home prices, there are certainly more affordable cities in the Valley but WalletHub’s study took 21 additional metrics into consideration including Real Estate Market Conditions and Quality of Life. Comprised of Cost of Living, Insurance Costs, and Real Estate Taxes, you’ll note in the original study, that affordability was not measured by home prices alone.
Quality of Life Considerations
WalletHub compared eight factors in their Quality of Life ranking:
Gilbert Riparian Preserve
- Recovery from the COVID19 Pandemic
- Weather
- Quality of School System
- Driver Friendliness
- Jobs Market
- Home Energy Costs
- Violent Crime
- Property Crime
Consider Location First
WalletHub’s study states accurately that where a home is located is just as important as its features. I would argue that a homes location far outweighs the features when Home Buyers are making a decision to purchase. Most of a home’s features can be changed or updated, sometimes even the square footage can be increased. The location is, and always will be, permanent.
— See Homes for Sale in Gilbert Arizona —
Both Gilbert and Peoria have strong location advantages. Gilbert scored a 96 for quality of life and ranked a solid #2 in the Mid-Size Cities category. Small local businesses are uniquely valued in Gilbert, and the “bedroom community” atmosphere of Gilbert is unspoiled by mega industry.
Gilbert abuts the burgeoning cultural environment in Mesa, Arizona and is in close proximity to the Phoenix/Mesa regional airport. Peoria is located on the west side of the Phoenix Valley. Peoria boastsa fantastic dining and entertainment district, and houses a very popular MLB Spring Training complex. The Lake Pleasant Regional Park provides a welcome respite from the Valley’s arid climate with boating, fishing, water skiing, kayaking, camping, and even scuba diving! Either city would, in my humble opinion, be a fantastic choice for any home buyer; first-time, move-up and downsize buyers including those relocating from other parts of the country.
Many of the cities appearing on the “Worst Cities for First-Time Buyers” are located in California. This is not news to anyone. California has never been known for its affordability.
— Visit our California-to-Phoenix Relocation Page —
By Jameson Doris
Purchasing your first home is a major milestone and an exciting time in most people’s lives. First-time homebuyers regularly make up a large chunk of the market; according to WalletHub, 39 percent of all U.S. single-family home purchases were made by first-time buyers in the fourth quarter of last year.
However, in the wake of the pandemic, many who are ready to take the homeownership plunge for the first time in their lives may be second guessing themselves. With any major decision, various factors need to be weighed. For example, many Americans have been hurt financially due to COVID-19. In addition, mortgage rates are rising.
To aid buyers in coming to a determination on whether or not to purchase their first home in the immediate future, WalletHub set out to compile a list of 300 popular U.S. cities of varying sizes and rank them from best to worst locations for first-time buyers to move to.
WalletHub’s study looked at 26 key indicators across the topics of market attractiveness, affordability and quality of life. The personal finance site considered metrics that ranged from cost of living to property-crime rate.
Some notable takeaways are the fact that seven of the 10 worst cities in the country for buyers to purchase their first home in are located in California. Also, Akron, Ohio, has the most affordable housing of the 300 cities – ranked with a ratio of 1.90, which is 7.8 times cheaper than in Berkeley, Calif.—the ranked city with the least affordable housing, with a ratio of 14.82.
Below is WalletHub’s interactive map that displays each of the 300 cities’ rankings, as well as lists of the 10 best and worst cities for first-time buyers to purchase a home in, according to the site:
Best Cities for First-Time Buyers
1. Henderson, Nev.
2. Boise, Idaho
3. Thornton, Colo.
4. Chesapeake, Va.
5. Gilbert, Ariz.
6. Tampa, Fla.
7. Las Vegas, Nev.
8. North Las Vegas, Nev.
9. Peoria, Ariz.
10. Lincoln, Neb.
Worst Cities for First-Time Buyers
1. Berkeley, Calif.
2. San Francisco, Calif.
3. Santa Barbara, Calif.
4. Detroit, Mich.
5. New York, N.Y.
6. Oakland, Calif.
7. Los Angeles, Calif.
8. Daly City, Calif.
9. Miami Beach, Fla.
10. San Mateo, Calif.
To view WalletHub’s full study, and for a full breakdown of their methodology, click here.This article first appeared on RISMedia’s blog, Housecall. Reprinted with permission from RISMedia. ©2020. All rights reserved.
