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Last updated on February 22nd, 2021 at 06:11 pm
For many Americans, owning a home is an essential part of the American dream.
In the 4th quarter of 2019, 39% of all single-family home purchases were done by first time home buyers. A first time home purchase makes up a sizeable chunk of the real estate market.
Living in NYC certainly has its perks, but many people often begin searching for their dream homes without a realistic idea of market prices, interest rates, or even their eligibility to get a mortgage.
As per the Zillow report, the median home value in New York is $652,307, In Manhattan, the median home value is $1,322,100; in Brooklyn, it is $718,400 and in Queens, it is $517,800.
Living in NYC certainly has its perks, however, many people often begin searching for their dream homes without a realistic idea of market prices, interest rates or even their eligibility to get a mortgage.
Wallethub conducted a study by using 26 key metrics like – housing affordability, cost of living, real-estate tax rate, and property-crime rate by examining 300 cities of varying sizes and according to their report, New York City is 2020’s 5th worst city for first-time homebuyers.
When it comes to affordability, New York City ranks 288. When it comes to the quality of life, “The Bigg Apple” ranks 209, the study reports.
New York ranks No. 296 overall and No. 63 among large cities. Cities that ranked worse than NYC were Detroit, MI; Santa Barbara, CA; San Francisco, CA and Berkeley, CA.
According to Wallethub, the ‘Top 10’ best places for first-time homebuyers in 2020 are:
- Henderson, NV
- Boise, ID
- Thorton, CO
- Chesapeake, VA
- Gilbert, AZ
- Tampa, FL
- Las Vegas, NV
- North Las Vegas, NV
- Peoria, AZ
- Lincoln, NE
Reference Source: Yahoo News
