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Real Estate

New study reveals top 10 best cities for first-time homebuyers

Millennials, meet Dallas

July is one of the top months for home sales, according to WalletHub, and more than one third of homebuyers were first-time buyers.

WalletHub’s study looked at 300 cities of varying sizes and rated them according to 23 key metrics. The metrics fell under three main categories: Affordability, real-estate market and quality of life.

Each metric was weighted evenly across all metrics to calculate the total score on a scale of one to 100.

The map below shows all 300 cities and where they ranked on the scale. As seen in the interactive map, California is home to many of the nation’s worst markets for first-time homebuyers.

Source: WalletHub

And some of the best cities for homebuyers are in the south, or more specifically, Dallas. Four of the top 10 best cities for Millennials are located in the Dallas area. Over the past few months, Dallas continues to appear in many lists of top housing markets. In fact, the city is growing so hot, it is now facing a new danger as affordability sinks. 

Here are the top 10 best cities for first-time homebuyers:

10. Murfreesboro, Tennessee – 65.97

Affordability rank: 60

Real-estate market rank: 10

Quality of life rank: 121

9. Thornton, Colorado – 66.04

Affordability rank: 122

Real-estate market rank: 21

Quality of life rank: 10

8. Boise, Idaho – 66.26

Affordability rank: 2

Real-estate market rank: 139

Quality of life rank: 37

7. Richardson, Texas – 66.32

Affordability rank: 179

Real-estate market rank: 5

Quality of life rank: 12

6. Lincoln, Nebraska – 66.61

Affordability rank: 88

Real-estate market rank: 44

Quality of life rank: 19

5. Norman, Oklahoma – 67.64

Affordability rank: 83

Real-estate market rank: 14

Quality of life rank: 34

4. Cary, North Carolina – 67.98

Affordability rank: 29

Real-estate market rank: 19

Quality of life rank: 46

3. Allen, Texas – 68.15

Affordability rank: 151

Real-estate market rank: 6

Quality of life rank: 3

2. Frisco, Texas – 68.2

Affordability rank: 175

Real-estate market rank: 2

Quality of life rank: 5

1. McKinney, Texas – 68.32

Affordability rank: 191

Real-estate market rank: 1

Quality of life rank: 7

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