Friday, July 10, 2020 / by Ken Couture
Buying a home for the first time is an exciting and important milestone for many Americans. Their purchases make up a sizable chunk of the market, too. In the fourth quarter of 2019, 39% of all U.S. single-family home purchases were made by first-time buyers. This year, though, Americans may be conflicted on whether it’s a good time to purchase a first home. While many people have been financially hurt by the COVID-19 pandemic, mortgage interest rates have also hit record lows.
Where a home is located is just as important as what features it has. If the neighborhood is unpleasant, it can sour the experience of a great home. Potential buyers may want to narrow their search down to an area with a good reputation before getting into housing details.
To simplify the process, WalletHub compared 300 cities of varying sizes across 26 key indicators of market attractiveness, affordability and quality of life ranging from cost of living to real-estate taxes to property-crime rate.
One thing to take from the study: WalletHub LOVES Southern Nevada. A lot.
3 Southern Nevada cities are in the Top 8 in the survey, with Henderson ranking at Number 1.
Las Vegas was ranked 7th, North Las Vegas 8th. Reno cracked the top 20 in 17th place.
California was graded harshly in the study, mainly due to the high costs of housing. 15 of the bottom 20 cities ranked were in California. The Bottom Three: Berkely, San Francisco, and Santa Barbara
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