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Thursday, July 8, 2021
First Time Homebuyer? Honolulu Among Worst in USA
By Selected News Articles @ 10:30 PM :: 1427 Views :: Honolulu County, Hawaii Statistics, Cost of Living

2021’s Best & Worst Cities for First-Time Home Buyers

From Wallet Hub, July 6, 2021

Buying a home for the first time is an exciting and important milestone for many Americans. Their purchases make up a sizable chunk of the market, too. In 2020, 40% of all U.S. single-family home purchases were made by first-time buyers, and 14% more people became first-time buyers than the previous year. This growth is due in part to the fact that interest rates dropped dramatically during the COVID-19 pandemic.

For people willing and able to invest in a house this year, the search for a first home requires careful consideration of a number of factors. Buyers must balance what they want and need with what they can afford. Often, people begin searching for their dream homes without a realistic idea of market prices, interest rates or even their eligibility to get a mortgage.

Where a home is located is just as important as what features it has. If the neighborhood is unpleasant, it can sour the experience of a great home. Potential buyers may want to narrow their search down to an area with a good reputation before getting into housing details.

To simplify the process, WalletHub compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability and quality of life.

read … Full Article

Overall Rank 269
City Honolulu, HI
Total Score 38.72
Affordability 249
Real-Estate Market 196
Quality of Life  267
Cost of Living 263-tie 
Lowest Property tax Rate 1
Home Energy Costs 238-tie

 

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