Home >> Daily Dose >> First Time Homebuyers: Where’s the Value?
Print This Post Print This Post

First Time Homebuyers: Where’s the Value?

Many different factors come to mind when looking for a home. Good schools, commute time, low crime, and location of places of interest nearby bring overall convenience for the homeowner. Trulia recently examined the nation’s 100 biggest metros to determine where in the U.S. first-time homebuyers would find the most value.

In order to rank the metros, Trulia generated a “neighborhood value score” which takes into account the cost of living and level of amenities. They used listing prices and their measure of entry-level affordability, then added measured school information, crime statistics, commute times and community features such as restaurants. Overall, the best combination of price and livability included New York, San Francisco, Seattle, and Washington.

Trulia clarified that their findings do not reflect the cheapest neighborhoods, but the best value—the bang for your buck. Neighborhoods had to score well within the categories in order to make the list. Of those that made the list initially, neighborhoods with outliers such as high crime were cut. However, not every city is perfect, some on the list do come with flaws such as being near freeways or airports or being far from the city center.

Of Trulia’s findings, the best values in the San Francisco area are just south of the city in Redwood City, California. Palm Park, Roosevelt, Redwood Oaks, and Woodside Plaza were among the top four neighborhoods for value. San Fran has highly-rated restaurants, low crime, and is just 30 minutes via commuter train to downtown or 15 minutes to Silicon Valley. The amenities, however, are not cheap. Median home values range from $1.1 million to $1.4 million.

In greater Seattle, Burien, Washington has the top two neighborhoods on the list: Gunthers Highland View and Gregory Heights. Actually in Seattle, North Beacon Hill and Pinehurst also bring a lot of value to the table.

Yonkers, New York, in the New York metro, beings the No. 1 neighborhood Ludlow. Outer neighborhoods Woodlawn Heights, Pelham Gardens, and Westerleigh offer great value in the city. Median home values are about $500,000.

About Author: Brianna Gilpin

Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation's leading diversified media and information services companies. To contact Gilpin, email [email protected].
x

Check Also

Survey: Homeownership Remains Elusive for Baby Boomer Renters

A recent look into housing affordability by NeighborWorks America has found that three in five long-term baby boomer renters feel homeownership remains unattainable.