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City ranks in top half of list rating friendliness to first-time home buyers

Rochester Business Journal
August 21, 2014

Rochester ranks among the top half of cities nationwide for its friendliness to first-time home buyers, a new report from WalletHub shows.

Among the largest 300 cities nationwide, Rochester ranked 117th in the 2014 Best and Worst Cities for First-Time Home Buyers. WalletHub—a social website launched by Evolution Finance that offers financial tools and information for consumers and small business owners—used 17 key metrics ranging from median house prices and real estate taxes to median home price appreciation and price-to-rent ratios.

Broken Arrow, Okla., ranked first among the nation’s largest cities, while Richmond, Calif., ranked last. In terms of affordability, Rochester ranked 186th on the list, while its real estate market ranked 10th. Rochester’s community environment ranked 270th.

Among the findings, Rochester ranked 299th for its real estate tax rate, ahead of just Waukegian, Ill. Denton, Texas, has the lowest total home energy cost, while Honolulu has the highest. The highest median annual income is in Frisco, Texas, while the lowest is in Patterson, N.J.

The report notes that the property crime rate per capita is eight times higher in Miami Beach, Fla., than in Mission Viejo, Calif. Housing affordability is 14 times higher in Flint, Mich., than in Santa Barbara, Calif.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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