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Buying a home for the first time is a big undertaking — more so in some places than others. As we all know, to dream of buying a home in the Bay Area is to dream big. But according to a new WalletHub study comparing 300 cities of varying sizes, one East Bay city is the absolute worst for first-time homebuyers.
Berkeley took the bottom slot on WalletHub’s list, followed closely by Oakland, San Mateo and Daly City. Surprisingly, San Francisco landed a bit higher up on the list at number 284, despite its reputation as being the most expensive city in the Bay Area.
This may be because WalletHub compared cities not just based on affordability, but also on market attractiveness and quality of life. These three key categories were evaluated using 27 relevant metrics, which were given different weights. (By the way, take note that all of these metrics come from previous WalletHub rankings.)
Metrics for affordability included cost of living and the average cost of homeowner’s insurance; metrics for market attractiveness included median home price appreciation and homeownership rate for Millenials; and metrics for quality of life included quality of school system and violent crime rate.
Berkeley tanked in affordability and real-estate market ranking, while doing slightly better in quality of life (although, at number 233, it’s still not great). Oakland did much better in market attractiveness, but worse in quality of life.
No city in California ranked highly on this WalletHub list, although Sacramento managed to grab the 103rd spot. The best in the nation? Tampa. Sorry, first-time homebuyers — if you take this study to heart, it’s not looking great in the golden state.
Madeline Wells is an SFGate editorial assistant. Email: firstname.lastname@example.org | Twitter: @madwells22
This post was originally posted at https://www.sfgate.com/bayarea/article/East-Bay-city-worst-first-time-homebuyers-14086228.php.