Six Of The Top 10 Best Cities For First-Time Buyers Are In Florida. 8 Out Of The Worst 10 Are In This State

A new study from WalletHub was released on July 16, and it unveiled the best and worst cities for first-time homebuyers in 2024. The study measured 300 U.S. cities according to affordability, real estate market conditions, quality of life, home prices, taxes, and crime rates. In total, 22 key metrics were examined.

Don't Miss:

• A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today.
• Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!

Florida Dominates the Top Spots 

Six out of the top 10 best cities for first-time buyers are in Florida. These cities include: 

• Palm Bay (#1)
• Cape Coral (#2)
• Port St. Lucie (#3)
• Tampa (#4)
• Orlando (#5)
• Lakeland (#7)

The top 10 also include Surprise, AZ (#6), Boise, ID (#8), Gilbert, AZ (#9), and Henderson, NV (#10). 

The study commends these top cities’ affordability, abundant home listings, low crime rates, and excellent school systems. This combination makes them highly attractive for new homebuyers looking to get the best value for their money.

See Also: Will the surge continue or decline on real estate prices? People are finding out about risk-free real estate investing that lets you cash out whenever you want.

Nevertheless, other data shows that the number of people moving to Florida has dropped significantly in the past few years. In 2022, the Florida Chamber of Commerce noted that 750,000 new residents moved in while 500,000 moved out, resulting in a net gain of 250,000 people. However, for 2024, the Chamber only expects between 225,000 and 275,000 new residents.

As Redfin senior economist Sheharyar Bokhari elaborated, “The Sun Belt has built a ton of new apartments in recent years, partly to meet the surge in demand brought on by the flood of people who moved in during the pandemic housing boom. But the boom is over, and now property owners struggle to fill vacancies, causing rents to fall."

California Dominates The Bottom Spots

On the other hand, eight out of the 10 worst cities for first-time buyers are in California. These cities include:

• Costa Mesa
• Glendale
• Los Angeles
• San Francisco
• Oakland
• Santa Barbara
• Santa Monica
• Berkeley

---

Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.

---

Comparing Florida And California

The study shows a big difference between the housing markets in Florida and California. Florida cities are more affordable, have more attractive real estate markets, and offer a higher quality of life, making them great for first-time homebuyers. 

California’s housing market is far from ideal for first-time buyers because of high living costs, expensive real estate, and lots of competition. It is almost impossible for new buyers to find affordable and suitable homes.

Cassandra Happe, a WalletHub analyst, told Fox News, “When it comes to quality of life, Florida tends to provide better options for families and new buyers, while California’s quality of life rankings are mixed, facing issues such as a high cost of living and urban challenges in many cities.” 

“Overall, Florida presents more accessible housing options and a favorable real estate climate compared to California’s expensive and competitive market.”

---

Trending: This investment company boasts a 35.14% internal rate of return (IRR) for its realized projects, allowing accredited investors to earn passive returns and avoid the headaches of being a landlord.

---

Other Key Metrics And Findings

• The most affordable housing is in Detroit, Michigan, which is 10 times cheaper than in the most expensive Santa Barbara, California.
• The lowest real estate tax rate is in Honolulu, Hawaii, 11 times lower than in the highest, Waterbury, Connecticut.
• The lowest cost of living is in Flint, Michigan, three times less than in the highest, Sunnyvale, California.
• The highest rent-to-price ratio is in Flint, Michigan, with a 14 times difference compared to the worst in Santa Monica, California.
• The highest median home-price appreciation is in Miami Gardens, Florida, seven times more than in the worst, Peoria, Illinois.
• The lowest property-crime rate is in Elgin, Illinois, 11 times lower than in the highest, Miami Beach, Florida.

Read Next:

• Can you guess which type of investments Morgan Stanley says will reach $2.7 trillion by 2027? It even offers up to 20% APY potential to accredited investors up to $300 back in bonus for new users.
• This billion-dollar fund has invested in the next big real estate boom, here's how you can join for $10.