Worst cities to buy first home in USA

Buying a first home indicates that you have reached the level of financial success and maturity you need to take responsibility for home ownership. But in some cities this step is more difficult than in others.

Фото: Depositphotos

Edition GO Banking Rates analyzed various economic data to determine which cities are the worst for first home buyers. Ratings are based on criteria such as the number of houses alienated for nonpayment of a mortgage; average house price; the share of mortgage loans insured by the Federal Housing Administration (a third of the first home buyers choose this type of loan), since there is a lower down payment, and other factors.

Worst cities to buy first home in the USA:

15. Denver, CO

• the number of houses foreclosed for non-payment of mortgages - 1 for every 6 houses;
• the share of mortgages insured by the Federal Housing Administration is 20%;
• The average home price is $465.

14. Tulsa, Oklahoma

• the number of houses foreclosed for non-payment of mortgages - 1 for every 1 houses;
• the share of mortgages insured by the Federal Housing Administration is 17%;
• The average home price is $188.

13. San Diego, CA

• the number of houses foreclosed for non-payment of mortgages - 1 for every 4 houses;
• the share of mortgages insured by the Federal Housing Administration is 35%;
• The average home price is $699.

12. Boston, Massachusetts

• the number of houses foreclosed for non-payment of mortgages - 1 for every 3 houses;
• the share of mortgages insured by the Federal Housing Administration is 23%;
• The average home price is $515.

11. Oklahoma City, Oklahoma

• the number of houses foreclosed for non-payment of mortgages - 1 for every 1 houses;
• the share of mortgages insured by the Federal Housing Administration is 16%;
• The average home price is $225.

10. Miami, FL

• the number of houses foreclosed for non-payment of mortgages - 1 for every 1 houses;
• the share of mortgages insured by the Federal Housing Administration is 18%;
• The average home price is $399.

9. Riverside, California

• the number of houses foreclosed for non-payment of mortgages - 1 for every 1 houses;
• the share of mortgages insured by the Federal Housing Administration is 15%;
• The average home price is $379.

8. Colorado Springs, CO

• the number of houses foreclosed for non-payment of mortgages - 1 for every 4 houses;
• the share of mortgages insured by the Federal Housing Administration is 10%;
• The average home price is $341.

7. Los Angeles, CA

• the number of houses foreclosed for non-payment of mortgages - 1 for every 4 houses;
• the share of mortgages insured by the Federal Housing Administration is 29%;
• The average home price is $750.

6. Durham, NC

• the number of houses foreclosed for non-payment of mortgages - 1 for every 4 houses;
• the share of mortgages insured by the Federal Housing Administration is 11%;
• The average home price is $349.

5. Baltimore, MD

• the number of houses foreclosed for non-payment of mortgages - 1 for every 641 houses;
• the share of mortgages insured by the Federal Housing Administration is 26%;
• The average home price is $295.

4. New York, New York

• the number of houses foreclosed for non-payment of mortgages - 1 for every 18 houses;
• the share of mortgages insured by the Federal Housing Administration is 19%;
• The average home price is $669.

3. Las Vegas, NV

• the number of houses foreclosed for non-payment of mortgages - 1 for every 1 houses;
• the share of mortgages insured by the Federal Housing Administration is 9%;
• The average home price is $300.

2. San Francisco, CA

• the number of houses foreclosed for non-payment of mortgages - 1 for every 4 houses;
• the share of mortgages insured by the Federal Housing Administration is 22%;
• The average home price is $799.

1. San Jose, California

• the number of houses foreclosed for non-payment of mortgages - 1 for every 3 houses;
• the share of mortgages insured by the Federal Housing Administration is 29%;
• The average cost of a home is $1.

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