A recent listing from ConsumerAffairs ranked two Midwestern cities near the top of a list of the country's best cities for first-time homebuyers, with 11 different metrics used to determine the rankings.
The report singled out Fort Wayne, Indiana and Aurora, Illinois, the state's second-largest city, as the third- and fourth-best cities for first-time homebuyers, respectively, citing factors such as crime rates and median days on the market
According to the report, one of Aurora’s best features is its affordability, with a median home price of only 3.4 times the city's median income. Aurora also scored well in categories like appreciation rates and access to parks.
The metrics used by ConsumerAffairs to choose the top five cities include:
- Median home sale price
- Affordability ratio
- Total monthly payment
- Home appreciation rate
- Median days on the market
- Homeownership rate for Millennials and Gen Z
- Violent crime rate per 1,000 people
- Property crime rate per 1,000 people
- Unemployment rate
- Percentage of the population living within a 10-minute walk of green space
- Walkability
Fort Wayne was lauded in the report for its affordable mortgage payments, low barrier to entry and short time on the market.
Indiana's second-largest city was only bested by two Virginia cities, with Chesapeake and Virginia Beach, ranking first and second, respectively.
Chesapeake was highlighted for its park access, bustling buying market and affordability, while Virginia Beach earned high marks for its large amount of green space and population, with the latter serving as the state's largest city.
Finally, number five on the list was Gilbert, Arizona- a suburb of Phoenix. According to the report, Gilbert has a low unemployment rate, low crime rate and young generations of homebuyers.
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Five cities were also listed to be the worst for first-time homebuyers, but none were in the Midwest. See the full report here.
