Two Bay Area cities named worst for aspiring homeowners: study
(KRON) — A recent study compiled by home improvement brand This Old House ranked 148 American cities on how friendly they are for aspiring homebuyers. Two Bay Area cities brought up the list’s rear.
San Jose was ranked next-to-last on the list, which used several factors to determine its rankings, and San Francisco was last. Two other Bay Area cities appeared on the list. Vallejo came in at No. 131 and Santa Rosa at No. 105.
This Old House used the following factors to determine its rankings:
Percentage of owner-occupied housing units with householder aged 25–44
Percentage change in median sale price from May to October 2023
Percentage change in median price per square foot from May to October 2023
Median down payment
Median annual home insurance premium
Percentage change in days on market for homes from May to October 2023
Median annual real estate taxes paid
Sharecare’s Community Well-Being Index
Violent crime rate per 1,000 residents
San Francisco and San Jose only trailed Cambridge, Mass. in the Median Down Payment category. That figure for both Bay Area cities was more than $100,000. Comparatively, the median down payment for a home in Detroit is $6,596.
San Francisco and San Jose had the worst scores of the 148 cities for Median Property Tax and Sharecare’s Well-Being Index.
On the other side of the rankings, Provo, Utah, Clarksville, Tenn., and Jackson, Miss were named the best cities for prospective homebuyers.
“Provo also boasts a median down payment of $35,317. This is 69% less expensive than a $112,400 down payment in San Francisco, California—the least friendly city on our list for aspiring buyers. A down payment in San Francisco will cost homebuyers over $112,000,” This Old House wrote.
Visalia was the highest-ranked California city at No. 16. Fresno ranked No. 45, Sacramento No. 57 and Los Angeles No. 137.
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