Tampa Tops List For First-Time Home Buyers: Report

TAMPA, FL - Tampa topped the list of the 63 largest cities for first-time home buyers followed by Colorado Springs and Raleigh, N.C.

To determine the most favorable housing markets for first-time buyers, the personal-finance websiteWalletHub took the pulse of real estate in 300 cities of varying sizes using 27 key metrics. The website considered housing affordability, real estate tax rates, property crime rates and other factors.

With July being one of the top months for home sales and nearly 40 percent of 2017’s single-family home purchases made by first-time buyers, WalletHub took a look at 2018's Best & Worst Cities for First-Time Home Buyers," explained a spokesperson for the website in releasing the findings.

The Miami area fared poorly in the study, ranking 288th out of 300 U.S. cities and 59th among other large cities for new home buyers, according to WalletHub.

Buying a First Home in Tampa:

• 76th – Housing Affordability
• 117th – Real-Estate Tax Rate
• 60th – Cost of Living
• 97th – Rent-to-Price Ratio
• 9th – Median Home-Price Appreciation
• 58th – Property-Crime Rate
• 51st – Total Home-Energy Cost

Boise, Idaho; Grand Rapids, Michigan and McKinney, Texas topped the list of midsize cities while Broken Arrow, Oklahoma; Centennial, Colorado and Thornton, Colorado were deemed best in the country among small cities.

"The search for a first home requires careful consideration of a number of factors. Buyers must balance what they want and need with to what they can afford," WalletHub penned. "Often, people begin searching for their dream homes without a realistic idea of market prices, interest rates or even their eligibility to get a mortgage."

Click here to read the full report.

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