Looking to buy your first home? Don't go to Los Angeles.
's study released Monday that ranked the 50 largest metro areas in the country based on several factors including affordability, employment, safety, the housing market, wellness, and culture. Those are all factors Bankrate says first-time homebuyers should consider in the process.
The study noted that Los Angeles households headed by 25- to 44-year-olds have a median income of $80,643, according to theBy comparison, that dollar figure is just a bit more than the median income in Pittsburgh, Pennsylvania, which ranked as the best metro area in the country for first-time homebuyers. Bankrate said this is due to its affordability, large housing supply, and safety.in the Pittsburgh area in the first quarter of 2022 was just $169,000, according to ATTOM Data Solutions.
On the other end of the spectrum, the top five metro areas for first-time homebuyers were Pittsburgh, PA; Minneapolis, MN; Cincinnati, OH; Kansas City, MO; and Buffalo, NY.conducted by SmartAsset reviewed the nation’s 25 largest cities to determine the number of hours a renter would need to work to cover housing costs. The methodology was based on three factors - average annual take-home pay, average hours worked per year, and median monthly rent.
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