New Haven is listed as one of worst places for first time home buyers in to a study from WalletHub.com
Wallet Hub took into account median house prices and real estate taxes, median home price appreciation and price-to-rent ratios among other factors.
Broken Arrow Oklahoma topped the list as the best place for first time home buyers. New Haven was ranked 293 out of 300 municipalities. Last place went to Richmond California, which is outside of San Francisco.
Best Cities for First-Time Home Buyers | Worst Cities for First-Time Home Buyers | |||
1 | Broken Arrow, OK | 291 | Yonkers, NY | |
2 | Allen, TX | 292 | Elizabeth, NJ | |
3 | Norman, OK | 293 | New Haven, CT | |
4 | Denton, TX | 294 | Compton, CA | |
5 | Frisco, TX | 295 | Oakland, CA | |
6 | Plano, TX | 296 | New Bedford, MA | |
7 | McKinney, TX | 297 | Paterson, NJ | |
8 | Centennial, CO | 298 | Salinas, CA | |
9 | Thornton, CO | 299 | Newark, NJ | |
10 | Richardson, TX | 300 | Richmond, CA |
Key Stats
- The median household annual income (adjusted for cost of living) is 5 times higher in Frisco, Texas, than in Paterson, N.J.
- Housing affordability is 14 times higher in Flint, Mich., than in Santa Barbara, Calif.
- The real-estate tax rate is 12 times higher in Waukegan, Ill., than in Honolulu.
- The price-to-rent ratio is 6 times higher in Santa Barbara, Calif., than in Detroit.
- The property crime rate per capita is 8 times higher in Miami Beach, Fla., than in Mission Viejo, Calif.
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The average energy cost per household is 3 times higher in Honolulu than in Denton, Texas.