
San Francisco ‘Worst’ Metro for First-Time Homebuyers
Six of the worst metros for first time home buyers are in California, with San Francisco topping–or rather, bottoming–the list, said Bankrate.com, New York.
The study reviewed the 50 largest metro areas in the U.S. based on factors a first-time homebuyer should consider when purchasing a home, including affordability, job market, market tightness, culture and safety.
Bankrate Data Analyst Adrian Garcia said while San Francisco certainly has big city appeal–especially for those looking for diversity, access to the arts and trendy restaurants–all that comes at a very high price for homebuyers in the metro area. San Francisco ranked second-to-last for both affordability (49) and market tightness (49). He said the metro’s low score for safety (43) is also concerning. Even though San Francisco is booming with culture (9) and their job market ranks in the top-half (24), homebuyers may want to think about a better location for their first home.
Other “worst” California metros for first-time buyers include Los Angeles (49), Sacramento (48), San Jose (47), Riverside/San Bernardino (45) and San Diego (44). The report said although Los Angeles scored high for culture (12) and all areas fare well in terms of safety, each received low marks in all other categories. Specifically, San Jose came in last place for both affordability and market tightness and Riverside/San Bernardino has the worst job market of all the metro areas in the study.
Seattle (46) is the only city outside of California to rank inside the bottom five.
“Young homebuyers better be ready to compromise,” Garcia said. “Affordability and convenience might be the tradeoff to moving to a major metro with a little less culture or popularity. Buyers have to find the balance that works for them and their financial situation.”
The report said first-time homeowners who want to feel more confident in their purchase should consider Pittsburgh, which earned first place for both affordability and safety. That, paired with lower market tightness (8), available culture (12) and a good job market (15), puts Pittsburgh at the top of the list. Raleigh, N.C., Oklahoma City, Okla., Hartford, Conn., and St. Louis round out the top five metros for first-time buyers.