The Best Market for First-Time Homebuyers Is …

The pursuit of the American Dream would be best served if first-time homebuyers aimed their sights at Broken Arrow, Okla. According to a new study released by WalletHub, this suburb of Tulsa ranked highest as the best housing market for those making their first foray into homeownership.

 

WalletHub analyzed 300 cities of varying sizes, using 27 judging categories covering market attractiveness, affordability and quality of life. Broken Arrow, Oklahoma’s fourth-largest city with a population of 107,000, topped the list, followed by Tampa, Fla.; Centennial, Colo., Boise, Idaho; and Grand Rapids, Mich. Ranking at the bottom of the list was Berkeley, Calif., edging out the Michigan markets of Detroit and Flint and being the worst markets for first-time homebuyers.

 

Among the specific categories, Akron, Ohio, boasted the most affordable housing while five California metros—Los Angeles, San Francisco, Sunnyvale, San Mateo and Berkeley—tied for the least affordable housing. Laredo, Texas, had the lowest cost of living while Honolulu tied with New York; San Francisco; Washington, D.C.; and California’s Fremont and Sunnyvale markets for the highest cost of living. But Honolulu also had the lowest real-estate tax rate, while Waterbury, Conn., had the highest. Waterbury also boasted lowest home-price appreciation rate and ranked fifth for the highest rent-to-price ratio.

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