Buy in Broken Arrow
Rising house prices and a lack of starter home inventory has made things difficult for today’s first-time homebuyers, but according to new data, there are still some places where first-timers can get a deal. The No. 1 spot? That’d be Broken Arrow, Oklahoma.
Verify your new rateThe best spots to buy
According to a new analysis from WalletHub, Broken Arrow is the single best place for today’s first-time homebuyers, offering a solid real estate market, a high quality of life and decent affordability.
Among big cities, Tampa, Florida, took the No. 1 spot, while Boise, Idaho, claimed tops for mid-size cities.
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If you’re just looking for a great deal, Akron, Ohio, is the answer. According to the analysis, the city boasts the most affordable housing in the nation. Nearby Toledo sits at No. 2.
But though Akron’s home prices may be affordable on their face, Lindsay J. Thompson, associate professor at Johns Hopkins Carey Business School, cautions buyers to look beyond that when finding the right property.
“In addition to the ‘sticker price’ of a home, there are variable upfront costs that require cash on hand,” Thompson said. “Down payment, home inspection, closing costs, moving costs and improvements such as painting and landscaping will eat up your cash reserves.”
Verify your new rateThe worst places for first-time homebuyers
WalletHub’s analysis shows Berkeley, California, as the worst place for today’s first-time homebuyers. Housing in the city is nearly nine times more expensive than homes in Akron.
Three other California cities — San Francisco, San Mateo and Oakland — were also at the bottom of the list, as were Michigan’s Detroit and Flint.
Miami Beach, Florida; Elizabeth and Newark, New Jersey; and Anchorage, Alaska, rounded out the bottom 10.
When it comes to housing costs, Los Angeles, San Francisco, Sunnyvale, San Mateo and Berkeley, California, are the least affordable cities in the nation.
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