Thanks to the high cost of living and sky-high real estate costs, Boston ranked near the bottom of the best 300 cities for first-time homebuyers in a recent WalletHub report. The good news is, as it did yesterday at Fenway, Boston beat New York.
To determine the most favorable housing markets for first-time buyers, WalletHub’s analysts took the pulse of real estate in 300 cities of varying sizes using 23 key metrics. The data set ranges from housing affordability to real-estate tax rate to property-crime rate.
Boston’s rankings, according to WalletHub (1 = best; 150 = average):
- Housing affordability: 258
- Real estate tax rate: 68
- Cost of living: 249
- Rent-to-price ratio: 232
- Foreclosure rate: 48
- Property crime rate: 77
- Total home energy cost: 247
Boston ranked number 280 overall and No. 55 among large cities.
Tags: first-time homebuyers