realestate

New England's Least Affordable City for First-Time Homebuyers Revealed

Rankings based on home affordability, real estate market health, and community quality of life metrics.

C
ambridge ranked a dismal 281st out of 300 cities in the study, which evaluated various metrics including home affordability, real estate market health, and quality of life. The rankings were based on data from government agencies such as the US Census Bureau, Bureau of Labor Statistics, and Department of Housing and Urban Development.

    The study included 16 other New England cities, all of which fell in the bottom half of the list. While some scored well for quality of life, nearly all took a hit in terms of affordability and real estate market health. Boston ranked 58th out of 68 large cities and 263rd overall, but fared better than several major US cities.

    Boston's score was dragged down by affordability issues, but it ranked in the middle of the pack for quality-of-life, which included factors such as weather, public school quality, job market, and violent crime rate. Elsewhere in New England, Quincy, Stamford, Conn., and Manchester, N.H., all ranked high for quality-of-life.

    The study found that first-time homebuyers tend to fare well in parts of Florida, the Upper South, and the Southwest. Tampa, Fla., was ranked the best among large cities, while Oakland, Calif., was ranked the worst. Among midsize cities, Worcester ranked ahead of Springfield and Providence, R.I.

    Manchester, N.H., scored highest in New England, ranking 26th for small cities and 66th overall. Cambridge, on the other hand, scored poorly, ranking 123rd among small cities and 281st overall. The city's real estate market health was a major contributor to its low score, with most New England cities falling in the bottom half of the list due to similar issues.

    The study highlighted several cities as being well-suited for first-time homebuyers, including those in Florida, the Upper South, and the Southwest.

Map of New England with a red pin marking the least affordable city for first-time homebuyers.