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Study ranks Boise second-best city for first-time home buyers

WalletHub looked at 26 key metrics in its comparison of 300 cities of varying sizes across America.
Credit: KTVB
File image of house for sale

BOISE, Idaho — Owning a home is a big part of fulfilling the American dream.

As more new buyers reach this important milestone, the City of Trees ranks among the best places to invest in a new home, according to a ranking from personal finance website WalletHub.

The COVID pandemic has put millions of Americans out of work, but at the same time mortgage rates across the country have plunged to record lows.

During the fourth quarter of 2019, 39% of all single-family home purchases in the U.S. were made by first-time home buyers.

Some are still conflicted about whether this is a good time to buy a home. For those willing to take the risk, buying a home means careful consideration of a number of factors such as affordability, features and location.

WalletHub compared 300 cities of varying sizes across 26 key indicators of market attractiveness, affordability and quality of life. The data set ranges from cost of living to real-estate taxes to property-crime rate. 

The report titled 2020's Best & Worst Cities for First-Time Home Buyers, determines the most favorable housing markets for first-time buyers.

Here are the top 10 cities:

1. Henderson, Nevada

2. Boise, Idaho

3. Thornton, Colorado

4. Chesapeake, Virginia

5. Gilbert, Arizona

6. Tampa Bay, Florida

7. Las Vegas, Nevada

8. North Las Vegas, Nevada

9. Peoria, Arizona

10. Lincoln, Nebraska

Buying a First Home in Boise (1=Best; 150=Avg.):
• 98th – Real-Estate Tax Rate
• 102nd – Cost of Living
• 60th – Median Home-Price Appreciation
• 43rd – Foreclosure Rate
• 116th – Property-Crime Rate
• 16th – Total Home-Energy Cost

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