Buying a home is a major decision — and knowing the best city for first-time buyers could add up to serious savings.
From wellness and culture, to affordability and the job market, consumer financial services company Bankrate has released its annual best and worst metropolitan areas for first-time homebuyers study.
Among the 50 metro areas considered this year, D.C. came in last place.
“The place that was kind of surprising and really dragged down the D.C. metro area was the job market rank,” says Jeff Ostrowski, an analyst with Bankrate.
He says D.C.’s weak job growth and long commutes are up against some of the country’s most bustling job markets in the other metro areas. Austin, Texas, saw a 9% increase in its job market, and Las Vegas was up 10%.
“It’s not really that D.C.’s job market is shrinking, it’s just that comparatively, it’s not doing as well,” Ostrowski said.
He added that soaring home prices during the height of the pandemic haven’t come down much, and making the transition from renting to buying is difficult for first-time buyers.
“That’s something that millennials throughout the country are facing but it’s especially acute in the higher-priced markets,” he said.
D.C. did make it to the top 10, ranking #9, when it comes to wellness and culture, but overall, Austin came in number one for first-time homebuyers.
