The 10 worst cities to buy a home for the first time in 2022
A Bankrate study, which analyzed different figures from government agencies and other private studies, found The 10 worst cities to buy a home for the first time in 2022.
The United States is characterized as a country with abysmal differences from one state to another. The cost of the lifestyle depends, to a large extent, on the advantages and disadvantages that a place offers in terms of goods and services.
People who want a home can face a number of challenges, including the affordability of a place. That’s why we present to you the 10 worst cities in the US to buy a home for the first time in 2022.
Discover the 10 worst cities to buy a home for the first time in 2022
The portal specialized in finance analyzed 50 metropolitan areas in the United States, where affordability, well-being, the labor market in the area, the tightness of the real estate market and security were rated. Scores were also added, with affordability accounting for 30%, wellness and culture accounting for 10%, and housing market tightness, safety, and employment factors each accounting for 20%.
Pittsburgh, Pennsylvania, topped the list on the positive side, as the best city for first-time home buyers. Its level of affordability is the highest, although in terms of job offers it has not been rated among the best.
Instead, on the opposite side of the list, it’s no surprise that Los Angeles, California came in last place, being the worst city for first-time homebuyers. Although it is a city that ranks as the best in the well-being range (place 3), in other aspects it reflects the lack of affordability, with high real estate prices and low median income. In fact, both Pittsburgh (47th) and Los Angeles (48th) have very similar income labor markets.
In this way, the Bankrate analysis showed the following 10 cities as the worst in the US to buy a house for the first time so far in 2022:
- Los Angeles-Long Beach-Anaheim, California
- Las Vegas-Henderson-Paradise, Nevada
- Seattle-Tacoma-Bellevue, Wash.
- Riverside-San Bernardino-Ontario, Calif.
- San Jose-Sunnyvale-Santa Clara, California
- Denver-Aurora-Lakewood, Colo.
- Houston-The Woodlands-Sugarland, Texas
- San Francisco-Oakland-Hayward, Calif.
- Orlando-Kissimmee-Sanford, Fla.
- San Diego-Carlsbad, Calif.
Half of the 10 worst cities for first-time homebuyers are California metropolitan areas. This confirms the high cost of living in the western US state. In terms of affordability, Riverside ranks 42nd, San Diego 47th, San Francisco 48th, Los Angeles 49th and San Jose in the 50’s.
Read: How to pay off your mortgage early
Although most of the Californian cities analyzed are not very affordable, it is also true that they are better rated in quality of life and labor market. For example, residents of San Jose earn a median salary of $150,000 a year, while San Francisco is ranked #1 in wellness and culture out of 50 metropolitan areas.
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