This is my recap of the article by Adam McCann on Wallethub.
A recent study compared 300 cities based on market attractiveness, affordability, and quality of life. The top 10 cities for first-time buyers were:
1. Palm Bay, FL
2. Cape Coral, FL
3. Port St. Lucie, FL
4. Tampa, FL
5. Orlando, FL
6. Surprise, AZ
7. Lakeland, FL
8. Boise, ID
9. Gilbert, AZ
10. Henderson, NV
Palm Bay, Florida, ranked first due to its high home listings and new building permits, with a significant millennial home-ownership rate. Home values in Palm Bay increased by 106% from 2016 to 2022.
Cape Coral and Port St. Lucie also stood out for their ample home listings, new building permits, and low crime rates. In contrast, the study identified eight California cities among the worst for first-time buyers due to high living costs and competitive markets.
The report coincides with an election year, which can impact the housing market. Changes in housing prices and mortgage rates during election years can be influenced by market reactions to election results. However, long-term trends are more significant than short-term fluctuations.
Experts suggest that election outcomes may influence home prices in the U.S. Positive economic growth expectations following an election can have favorable effects on the housing market. Structural challenges, rather than policy changes, play a more significant role in shaping the housing market’s future.
