The housing market today is unprecedented, and buyers are contending with cost pressures and short supply—but, according to a recent report by WalletHub, there are cities where conditions are more favorable for first-time homeowners:
- Broken Arrow, Okla.
- Tampa, Fla.
- Centennial, Colo.
- Boise, Idaho
- Grand Rapids, Mich.
- Thornton, Colo.
- Frisco, Texas
- McKinney, Texas
- Cary, N.C.
- Gilbert, Ariz.
Assessing 300 cities in a sample, analysts at WalletHub based their findings on affordability, including the average cost of homeowner’s insurance and property taxes; the housing market, including appreciation and sales; and quality of life, including schools and the weather.
Broken Arrow—No. 1—is located in Tulsa County, and part of the Tulsa-Broken Arrow-Owasso metropolitan statistical area (MSA), in Eastern Oklahoma. According to the report, there is more affordable housing in the market than most, giving first-timers more options in their price range.
Distinctly, four of the top 10 cities—Broken Arrow, Centennial, Frisco and Thornton—are smaller population-wise, with less than 150,000 residents, while five are mid-size, with up to 300,000 residents. Just one—Tampa—is a major market.
Approximately 30 percent of preowned property purchases this spring were by first-time homebuyers, according to the National Association of REALTORS® (NAR).