June 23, 2024

Shiv Telegram Media: Study Names Local City as One of Worst in US for 1st-Time Homebuyers

2 min read
Shiv Telegram Media: Study Names Local City as One of Worst in US for 1st-Time Homebuyers

Santa Rosa Ranks Low on WalletHub’s List of Best Cities for First-Time Home Buyers

According to a recent study conducted by WalletHub, Santa Rosa has been ranked 207 out of 300 cities on the list of “2023’s Best & Worst Cities for First-Time Home Buyers”. The study took into account various factors such as affordability, the real estate market, and quality of life.

Unfortunately, Santa Rosa’s performance in the affordability category was disappointing, as it ranked 216 out of 300. This can be a concerning factor for prospective buyers, as the cost of housing in the city might not be within their reach.

On a positive note, the city excelled in the quality of life category, securing a respectable ranking of 142 out of 300. This indicates that Santa Rosa offers a desirable living environment, which might compensate for the affordability challenges.

When compared to cities of similar size, Santa Rosa ranked slightly better, coming in at number 77 out of 99 mid-size cities. This suggests that although there is room for improvement, the city still offers some advantages for first-time home buyers.

In the state of California, Santa Rosa didn’t fare as well as other cities. Roseville, a city in the Sacramento area, took the top spot as the best city for first-time home buyers in California, ranking at 44 out of 300. However, several other California cities did perform well on the list, including Visalia, Clovis, Victorville, Vacaville, and Fresno, indicating that there are still opportunities for newcomers to find affordable housing elsewhere in the state.

On the other hand, several California and Bay Area cities ranked in the lower half of the list, further emphasizing the challenges faced by first-time home buyers in those areas. Cities such as Fairfield, Chico, Bakersfield, Modesto, and Rialto received low rankings, which might discourage potential buyers from considering these locations.

Interestingly, popular cities in the Bay Area, namely Richmond, Daly City, San Mateo, Oakland, San Francisco, and Berkeley, were listed among the worst cities for first-time homebuyers. This might come as a surprise to many, as these cities are usually associated with a high quality of life and prosperous opportunities. However, the study indicates that the cost of living and limited availability of affordable housing pose significant obstacles for first-time buyers in these areas.

On a national scale, Florida cities dominated the top spots on the list, with Palm Bay, Cape Coral, Tampa, Port St. Lucie, and Orlando securing the highest rankings. This suggests that the state of Florida might offer more favorable conditions for first-time home buyers, including affordable housing options and a thriving real estate market.

Overall, Santa Rosa’s ranking on WalletHub’s list highlights the challenges faced by first-time home buyers in the city. Although the quality of life is commendable, the lack of affordability might deter potential buyers and push them towards other more affordable locations within California or even out-of-state.

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