Thinking about venturing into homeownership in Austin? A recent report details the pros and cons for first-time homebuyers in the Capital City.
Personal finance website WalletHub compared the 300 largest U.S. cities to determine which are the best and worst for folks looking to purchase their first home this year. Austin ranks No. 25 out of 64 large cities and 132nd overall.
The site measured each city in three major areas: affordability, real estate market, and quality of life. Austin shines in two of them. The city earns high marks for its real estate market and quality of life, but the third component, affordability — which can be the biggest factor in buying a home — might put it out of reach for first-time buyers.
The Capital City has the nation's 23rd best real estate market, according to WalletHub, which takes into account the rent-to-price ratio, share of homes sold in a year, median home-price appreciation, and more. Austin also outperforms most cities for quality of life, ranking 88th overall; the category encompasses such metrics as recreation facilities, quality of school system, and job market.
But in terms of affordability, measured by cost of living, housing affordability, cost of homeowner's insurance, real estate tax rate, and more, Austin ranks 252nd.
Other spots in the Lone Star State shine bright on the list, including the North Texas suburbs of McKinney and Frisco, which land as the No. 9 and No. 13 best cities for first-time homebuyers, respectively.
As for Texas' other major cities, Fort Worth impresses in the No. 10 spot on the large cities list and No. 52 overall. San Antonio lands at No. 31 among large cities and smack-dab in the middle at No. 150 overall.
Dallas places in the No. 44 spot on the large cities list, far better than its 204th overall ranking. Houston, meanwhile, ranks among the worst cities for first-time homebuyers at No. 50 on the large cities list and No. 242 overall.