Those venturing into homeownership may want to think twice about house hunting in Houston, as a new study names it one of the worst U.S. cities for first-time homebuyers.
Personal finance website WalletHub compared the 300 largest U.S. cities to determine which are the best and worst for folks looking to purchase their first home this year. The Bayou City ranks 242nd overall and No. 50 out of 64 large cities.
The site measured each city in three major areas: affordability, real estate market, and quality of life.
Houston performs best at No. 97 in the real estate market ranking, according to WalletHub, which takes into account the rent-to-price ratio, share of homes sold in a year, median home-price appreciation, and more. But it ranks 242nd in affordability, which encompasses such metrics as cost of living, housing affordability, cost of homeowner's insurance, and the real estate tax rate. And in terms of quality of life (recreation facilities, quality of school system, job market, and more), Houston ranks even worse, 258th.
Other spots in the Lone Star State shine bright on the list, including the North Texas suburbs of McKinney and Frisco, which land as the No. 9 and No. 13 best cities for first-time homebuyers, respectively.
As for Texas' other major cities, Fort Worth impresses in the No. 10 spot on the large cities list and No. 52 overall. Austin ranks No. 25 among large cities and No. 132 overall, while San Antonio lands at No. 31 among large cities and smack-dab in the middle at No. 150 overall. Dallas places in the No. 44 spot on the large cities list, far better than its 204th overall ranking, and still ahead of Houston.