According to the ranking of the 300 cities most suitable for first-time home buyers released by the personal finance website Wallethub, New York City is ranked tenth from the bottom, making it one of the least suitable cities for first-time home buyers.
Wallethub’s report titled “Best & Worst Cities for First-Time Home Buyers 2024” was published on July 16. In the list of 300 cities across the United States, New York City ranks 291st, placing it near the bottom. The city ranks 289th in housing affordability, 237th in the real estate market, and 211th in quality of life, indicating high housing prices, a tight real estate market, and poor quality of life. Cities in New Jersey, neighboring New York, also rank poorly: Newark at 289th, Elizabeth at 277th, and Paterson at 269th. This shows that the vast New York metropolitan area is hardly suitable for first-time home buyers.
The top five cities most suitable for first-time home buyers are all in Florida, with Palm Bay, Cape Coral, Port St. Lucie, Tampa, and Orlando taking the first through fifth spots respectively. While these cities rank lower in affordability, their real estate market and quality of life rankings are consistently in the top ten, making them overall ideal for first-time home buyers.
Among the bottom ten cities on the ranking list, aside from New York City, eight others are located in California, with Berkeley being the last-ranked city and the least suitable for first-time home buyers.
Additionally, according to a study by the National Association of Realtors (NAR), due to the widespread increase in housing prices, owning a home has become increasingly challenging. First-time home buyers made up only 32% of home buyers in the U.S. last year, compared to a historical average of 40%. The average age of first-time home buyers has also been increasing, with the average age rising from 29 in 1981 to 35 last year.