Why first-time home buyers might pick Bakersfield over Santa Barbara
July 17, 2017
• Six Valley markets make it into top half of list
• Roseville ranks highest of all California cities
Looking to buy that first home? You might want to skip over Santa Barbara. It is literally the worst place in the nation for first-time home buyers, according to research by personal-finance website WalletHub, a unit of Evolution Finance Inc., of Washington, D.C.
While Santa Barbara ranks 300th on the WalletHub list, Central Valley cities do a bit better:
• Roseville, 56, highest of any California city
• Clovis, 115th
• Visalia, 123rd
• Elk Grove, 124th
• Sacramento, 146th
• Bakersfield, 147th
• Chico, 163rd
• Fresno, 200th
• Stockton, 210th
• Modesto, 213th
Best vs. Worst
Fayetteville, North Carolina, has the most affordable housing (median house price divided by median annual household income), with a ratio of 1.24, which is 12.7 times cheaper than in Santa Barbara, the city with the least affordable, with a ratio of 15.74.
Honolulu has the lowest real-estate tax rate, 0.29 percent, which is 12.3 times lower than in Waukegan, Illinois, the city with the highest at 3.56 percent.
Detroit has the highest rent-to-price ratio, 24.8 percent, which is 7.3 times higher than in Sunnyvale, the city with the lowest at 3.4 percent.
Laredo, Texas, has the lowest cost-of-living index, 77, which is 2.9 times lower than in Santa Clara, San Jose, and Sunnyvale, the cities with the highest at 223.
Yonkers, New York, has the fewest property crimes per 1,000 residents, 9.95, which is 9.8 times fewer than in Miami Beach, Florida, the city with the most at 97.17.
Colorado Springs, Colorado, has the lowest average energy cost per household, $120.34, which is 3.8 times lower than in Honolulu, the city with the highest at $455.51.
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.