Buying a home can be a challenging endeavor in any competitive market, but there are certain states and cities that really give first-time home buyers a run for their money. WalletHub recently performed an extensive study comparing 300 cities of different sizes across 26 key indicators of quality of life, affordability, and market attractiveness.
The data set ranges from property-crime rate to real estate taxes to cost of living. Many largest metro areas in the country were reviewed in the study on the basis of several factors a first-time buyer should consider when buying a home. These include safety, culture, market tightness, job market, affordability, and more. The results indicate that California is far from an ideal place for first-time home buyers.
California in General is Not an Ideal Place for First-Time Home Buyers
While California is overall a stunning place, it has some glaring, serious issues, just like most other states. More importantly, it is not an ideal place for first-time home buyers. In fact, it is home to several of the worst cities and metros for first-time buyers, such as San Diego, Santa Barbara, San Jose, Sacramento, and Los Angeles. Many of these places have been ranked worst for first-time home buyers due to the sky-high prices and highly competitive real estate markets. Many studies have even declared California as one of the worst places to move to particularly for first-time home buyers.
Santa Barbara Ranked the 3rd Worst City for First-Time Home Buyers
The extensive research of WalletHub also ranks the worst cities for first-time home buyers and Santa Barbara is at third place. It has been declared the third worst city for anyone looking to buy their first home. And this isn’t the first time it has been ranked the worst city for first-timers; it was ranked the third worst city the year before as well. First time home buyers purchased 39% of all U.S. single family houses in the fourth quarter of 2019. This year, the buyers are conflicted on whether or not it is a good time to buyer their first Santa Barbara house and the reasons are pretty clear; mortgage interest rates have hit record lows and the novel
Coronavirus has crippled the finances of many people. While Santa Barbara real estate may not be ideal for you, there are many other options available. According to the study, there are several best places for first-time home buyers in the state. The top five places include Henderson, Gilbert, Chesapeake, Thornton, and Boise. Santa Barbara is ranked 298 out of 300 cities researched by WalletHub. It is followed by San Francisco and Berkeley. When it comes to small cities, Santa Barbara real estate ranks 134 out of 135.
The Bottom Line
If you are a first-time home buyer and want to buy a Santa Barbara house, then it is recommended that you rethink your plans. This is because the Santa Barbara real estate is arguably one of the worst for first-time buyers. California in general is not an ideal place for you if you are looking to buy your first home. If you cannot wait to buy your first home, then you should consider buying one in Henderson, Gilbert, Chesapeake, Thornton, or Boise.