The Queen City’s housing market ranks in the top fifth of 300 U.S. cities for first-time purchasers, according to a recent survey by WalletHub. Charlotte came in 60th in the company’s comparison of housing affordability, living environment and real estate markets. WalletHub considered factors such as real estate tax rates, home-price appreciation and median income, housing costs and average square footage, crime and foreclosure rates, and employment in creating the survey.
While Charlotte ranked 60th overall, the city came in 84th in housing affordability, 29th in real estate market and 177th in living environment, a category that included metrics such as weather, driving experiences, energy costs and school systems.
However, in the sub-category of cities with a population of more than 300,000, the Queen City came in 18th out of 62 large cities.
Overland Park, Kansas, was the top city for first-time homebuyers, followed by Allen, Texas; Centennial, Colorado; Broken Arrow, Oklahoma; and Frisco, Texas. Coming in last was Compton, California, preceded by Richmond, California, and Miami Beach, Florida.
WalletHub says it used data from several sources to create the survey, including the U.S. Census Bureau, the Council for Community and Economic Research, Zillow and the Federal Bureau of Investigation.
By: Roberta Fuchs