Aurora is a suburb of Chicago located in the outer region of Greater Chicago in the U.S. state of Illinois. It is the second most populous city in the state
An Illinois city has officially made a list of the top five best cities for first-time homebuyers.
The report, released by ConsumerAffairs, analyzed America's 150 largest cities by 11 different metrics to compile the list.
Aurora, Illinois, the second-largest city in the state, came in at number four on the list.
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
Another Midwest city beat out Aurora for a higher spot. Fort Wayne, Indiana, came in at number three on the list. The report noted the city’s affordable mortgage payments, low barrier to entry and short time on the market as key factors.
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Curious what the other cities were?
Chesapeake, Virginia, came in at number one, characterized by access to parks, affordability and a bustling homebuying market.
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Number two on the list was Virginia Beach, Virginia. The report noted the city’s amount of green space and large population as reasons for its ranking.
Finally, number five on the list was Gilbert, Arizona- a suburb of Pheonix. According to the report, Gilbert has a low unemployment rate, low crime rate and young generations of homebuyers.
Five cities were also listed to be the worst for first-time homebuyers, but none were in the Midwest. See the full report here.
