Gilbert, Ariz. ranked #7 overall on WalletHub’s 2023’s Best & Worst Cities for First-Time Home Buyers (July 2023) and the Town ranked #3 nationally in the Midsize Cities category with a total score of 62.08. Three additional Arizona cities cracked the top ten spots in the midsize category: #6 Chandler, #7 Peoria, and #9 Scottsdale. To determine the most favorable housing markets for first-time home buyers, WalletHub compared a sample of 300 U.S. cities (varying in size) across three key dimensions: 1) Affordability, 2) Real-Estate Market and 3) Quality of Life. To simplify the process, WalletHub, the award-winning personal finance company that empowers consumers to lead financially healthy lives, analyzed 22 key indicators of market attractiveness with each metric graded on a 100-point scale, with a score of 100 representing the most favorable conditions for first-time home buyers. Their data set ranges considered cost of living to real-estate taxes, job market, and weather to property-crime rate, quality of school system, home-energy cost and more.
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 2022, 26% of home purchases were made by first-time buyers, down from 34% the previous year due in part to soaring prices. For people willing and able to invest in a house this year, the search for a first home requires careful consideration of a number of factors. Buyers must balance what they want and need with what they can afford. Often, people begin searching for their dream homes without a realistic idea of market prices, interest rates or even their eligibility to get a mortgage.
To view the complete findings and learn more about the criteria applied in the national study view the full article online here.
Original article appeared on WalletHub (July 18, 2023)