A recent study has placed Cambridge, Massachusetts, among the lowest-ranking cities for first-time homebuyers, ranking it 281st out of 300 cities evaluated nationwide.
This dismal score reflects a range of factors categorized into three metrics: home affordability, the overall health of the real estate market, and the quality of life in the community.
The study, released earlier this month, analyzed 16 cities in New England, with nearly all of them earning low marks primarily due to challenges related to affordability and a struggling real estate market.
Each of the three categories was weighted equally and assessed using data sourced from various governmental agencies, including the US Census Bureau, Bureau of Labor Statistics, and the Department of Housing and Urban Development.
The full rankings included evaluations across small, midsize, and large cities, each assessed individually to exclude surrounding towns and suburbs.
Among larger urban centers, Boston did not fare well either, landing in 263rd overall and ranking 58th out of 68 large cities.
Despite these challenges, Boston performed slightly better than other major cities like Los Angeles, San Francisco, San Diego, New York City, and New Orleans.
The city’s affordability issues contributed to a low overall score, but it managed to rank more favorably for quality of life, coming in at 144th overall.
This particular category included various metrics such as weather, public school quality, job market health, and violent crime rates.
New England fared differently when looking at specific cities, with Quincy, Stamford, Connecticut, and Manchester, New Hampshire, all making it into the top 25 for quality of life.
Several regions such as Florida, the Upper South, and the Southwest emerged as favorable for first-time homebuyers, with Tampa, Florida, landing the top spot among large cities and third overall.
Orlando ranked second, followed by Raleigh, North Carolina (4th), Pittsburgh (5th), and Atlanta (6th).
In stark contrast, Oakland, California, was ranked as the worst large city at 68th and placed third in the lowest rankings for first-time homebuyers overall.
Focusing on midsize cities, Worcester came in at 74th, slightly ahead of Springfield (79th) and Providence, Rhode Island (84th), also surpassing several midsize cities in California and St. Louis, Missouri.
Notably, Manchester, New Hampshire, topped the New England cities in the overall rankings, claiming the 26th position as the best small city for first-time homebuyers and landing 66th overall.
It was the only New England city to rank in the upper half for affordability, coming in at 135th overall.
In stark contrast, Cambridge scored poorly, placing 123rd among small cities — just behind Miami Beach, Florida — and 281st overall.
Though the city scored reasonably on quality of life at 181, it lagged significantly in terms of home affordability and the health of its real estate market.
A majority of New England cities showed strong performance in quality of life but saw their overall rankings negatively affected due to the precarious state of their real estate markets.
Particularly, many are classified among the 50 worst markets in the country.
The rankings assessed real estate market scores using specific components, including rent-to-price ratios, building permit activity, the influx of new housing units, and the homeownership rate among millennials — key contributors to the ongoing housing crisis impacting Greater Boston and beyond.
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