The top 5 best places for first-time home buyers are in Florida

WalletHub compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability, and quality of life.

Crystal Harlan

July 24, 2024

Nine of the top 20 best markets for homebuyers are in the Sunshine State. Canva.

WalletHub compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability, and quality of life.

Between sky-high interest rates and housing prices, buying a home–especially a first home–has become an unattainable dream for many Americans.

First-time buyers comprised 32% of the market last year, remaining under the historical norm of 40%, according to the National Association of Realtors. And they’re also older: In the 1980s, the typical first-time buyer was in their late-20s; today they’re in their mid-30s.

But there are still some favorable housing markets for first-time buyers. In fact, the top five are in Florida, according to a new study by WalletHub.

The personal finance company compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability, and quality of life.

Not only did Florida occupy the first five spots in the list, but nine of the top 20 best markets for homebuyers are in the Sunshine State.

Here’s what WalletHub had to say about the top three markets for first-time home buyers:

Palm Bay:

“It leads the country when it comes to active home listings per capita and new building permits per capita, so there are plenty of older and brand-new homes to choose from. In addition, while it’s a stereotype that millennials struggle to buy homes, Palm Bay has the third-highest millennial home-ownership rate.”

Cape Coral:

“Cape Coral is a good place to live because it has a low crime rate. It has the 16th-lowest violent crime rate and 12th-lowest property crime rate in the country out of the 300 cities in this study.”

Port St. Lucie:

“Port St. Lucie also has the second-highest millennial homeownership rate in the country, at 64%.Port St. Lucie is a very safe city, too. It has the second-lowest property crime rate and the 12th-lowest violent crime rate in the country. And when it comes to education, it ties Cape Coral for the 9th-best school system.”