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Boston Among The Worst Markets For First-Time Buyers

Thanks to the high cost of living and sky-high real estate costs, Boston ranked near the bottom of the best 300 cities for first-time homebuyers in a recent WalletHub report. The good news is, as it did yesterday at Fenway, Boston beat New York.

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.

Boston’s rankings, according to WalletHub (1 = best; 150 = average):

Housing affordability: 258
Real estate tax rate: 68
Cost of living: 249
Rent-to-price ratio: 232
Foreclosure rate: 48
Property crime rate: 77
Total home energy cost: 247

Boston ranked number 280 overall and No. 55 among large cities.

B&T Daily