Three Arizona cities made the top 20 list of the best locations for first time home buyers. Wallethub.com conducted a study that compared 300 cities across the nation on three indicators: market attractiveness, affordability, and quality of life. Peoria ranked seventh, while Chandler ranked twelfth, and Gilbert sixteenth. The 27 indicators used to rank cities included variables such as cost of living, real estate taxes and property crime rate. In comparing only large cities, Phoenicians can be proud to learn that Phoenix hit the top ten, ranking ninth, just behind Denver Colorado. Not bad for a desert locale.
About 50 percent of my clientele are first time home buyers and while our inventory in metropolitan Phoenix remains low, they are finding nice, affordable homes. Many are venturing into real estate with the intention of moving up into progressively nicer and/or larger homes while keeping that first single family, condo or town home as a rental property. It’s a great way to start building a real estate portfolio with the goal of having a nice chunk of passive income in retirement. And if Peoria, Chandler, or Gilbert are out of reach price wise for a first time home buyer, the potential for success in cities like Queen Creek, San Tan Valley, Laveen or Buckeye provides greater opportunities for getting into the housing market. Granted, they didn’t make the list of best OR worst cities for first time home buyers, very likely due to the fact that those cities were not ranked. For more information about affordable homes, or making the transition from renting to home ownership, give us a call. We’re happy to consult.