Buying a home for the first time is a huge deal. Looking for the perfect location for your first home can be extremely challenging, especially if you’re not too familiar the best areas in which to look. Many first-time homebuyers often make the mistake of choosing the wrong location and get stuck with a home in an area they don’t like. As with anything, it’s good to conduct some research before closing on a home that may not be the right fit for you.
5 Best Cities for First-Time Homebuyers
1. Orlando, FL
With its reputation for growth, Orlando offers countless opportunities for first-time home buyers. Its health, education, and technology industries make it a very appealing place to settle down in. In addition to its job market, Orlando has a vibrant culture, making it a fun place to live, always with something to do.
2. Monroe Township, NJ
Located in the Northwest part of the Garden State, Monroe has been a very popular place for first-time home buyers. This rural area has a great school system, making it the perfect place to raise a family. The median property tax for Monroe is 1.83%, lower than the average statewide median of 2.24%. Monroe is little more than an hour from both New York and Philadelphia.
3. Eastern Queens, NY
The region of Eastern Queens has been growing in popularity over the years. Foodies are more than happy to stop for a bite to eat here, saying it has some of the best food in all of New York. Along with that, shopping and access to parks are a huge draw for many first-time home buyers. With its excellent transportation system, catching a ride to the city shouldn’t be problem.
4. New Hartford, CT
With a population of just 6,900, this small town is one of the safest in the state. Along with that, it’s home to Ski Sundown, a a hot-spot for winter sports enthusiasts. Outside of the winter months, you can enjoy going to the vibrant downtown area, where all the businesses, restaurants, and shopping stores are. New Hartford is amongst the most affordable places to live with its cost of living being $1813, which is $235 less than the state’s median home value.
5. Pittsburgh, PA
Whether you’re a family of four looking for a multi-bedroom home or a fresh graduate in search of a loft, Pittsburgh has a place for everyone. Its affordable property prices allow many first-time homebuyers to find the perfect place to live. In addition, the job market is thriving, which could potentially make your move less stressful.
5 Worst Cities for First-Time Homebuyers
1. Miami, FL
With its paradisiacal beaches and weather, Miami may not seem like one of the worst cities for anybody, but for first-time home buyers, living in Miami is a bad idea. Miami is a very expensive city to live in, with property values much higher than the average and a cost of living 15% above the national average. Quality of life in Miami is also lower than you may think, with a property crime rate of 44 incidents per 1,000 residents, compared to the national average of 26.
2. Newark, NJ
Out of 300 cities ranked for their real estate markets, Newark ranked 300. Newark was also ranked 229th out of 300 in terms of affordability and 274th in terms of quality of life. Other than its close proximity to New York City, where many jobs are available, Newark does not offer much to first time home buyers.
3. New York, NY
New York, New York – the city so nice, they named it twice! Or maybe they named it twice because it seems like everything is twice as expensive. Regardless, New York City is not the ideal spot for first time home buyers to live in. While millions of people work in NYC, living there is extremely expensive: most apartments in NYC are more expensive than traditional homes in other cities. New York is an amazing place to visit, but when you’re a first time home buyer, you may want to look elsewhere for a place to live.
4. Bridgeport, CT
In the quality of life rating, Bridgeport did pretty well, ranking 78th out of 300; but in affordability, Bridgeport ranked 222nd out of 300, and its real estate market was ranked 258th. So while it may be a nice place to live, Bridgeport’s tough real estate market and expensive cost of living prevent it from being a good place for first time home buyers.
5. McKeesport, Pennsylvania
McKeesport is not an expensive city to live in, so at first glance it might seem like a great place for first time home buyers, but after conducting some research or paying a visit to McKeesport, you’ll soon find out why its so inexpensive. McKeesport is a very poor city, with 28.8% of its population below the poverty line and 14.9% of its population unemployed. Additionally, the crime rate in McKeesport is through the roof! In McKeesport you have a 1 in 33.2 chance of being a victim of robbery. So, while it’s cheap to live here, it may not be worth it.