Buying a home can be challenging in any competitive market, but there are certain metro areas that really give first-time home buyers a run for their money, according to a new study
San Francisco certainly has big city appeal, especially for those looking for diversity, access to the arts and trendy restaurants. But all that comes at a high price for home buyers in the metro area. San Francisco ranked second-to-last for affordability and market tightness . The metro’s low score for safety is also concerning.
For-sale homes typically were available on the market for less than a month with a median of 27 days in 2018, according to data fromSan Jose is also the least affordable metro based on a look at how much income is needed to buy the median priced home, the property taxes in the area relative to its peers and how many 25- to 44-year-olds were renting versus homeowners. Sixty-two percent of 25- to 44-year-olds are renters in the San Jose metro.
“Seattle is a fun place that people would like to move to, but it doesn’t do well with first-time buyers,” said Garcia. “While it does have a strong job market, it has become unattainable for the typical buyer. One area that ranked really well with Seattle was the culture aspect of it, but that’s not enough to overcome the affordability issues.”The Riverside-San Bernardino area in California has the worst job market of all the metro areas in the study.
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