Study: 10 Mass. Cities That Suck for First-Time Homebuyers

You blew it, Massachusetts!

A recent study by personal finance site WalletHub looked at the best and worst housing markets across the country for first-time homebuyers in the 300 largest US cities. WalletHub’s study found that 10 Massachusetts communities, including Boston, Worcester, Fall River, and Lowell, offer first-time homebuyers a pretty lousy deal compared to the rest of the country.

The study considered 17 key metrics – including median home price, home price appreciation, and crime rate – to determine where first-time homebuyers can get the best home for their money. We’re sad to report Massachusetts scored pretty low. Out of the 300 cities surveyed, not a single Massachusetts community performed better than 225 (with 1 being the best and 300 being the worst). Meanwhile, the report found that Oklahoma, Texas, and Colorado offer much better deals for homebuyers.

Topping off WalletHub’s list is Broken Arrow, Oklahoma. Think about that for a minute, Boston, Fall River, and you other Massachusetts cities. You were outshined by a city in Oklahoma that shares the same name as that lame John Woo movie from 1996. Hurts, doesn’t it?

Okay, we admit we’re being a little harsh. This was a nationwide survey, after all, and it does not necessarily mean these communities are a bad place to live. It just means first time homebuyers can get a better deal elsewhere. And at least you weren’t as bad as Newark, New Jersey and Richmond, California who came in second worst and worst, respectively.

Take a look at how these 10 local communities performed individually.

Quincy

WalletHub Rank (out of 300): 225

Median Household Annual Income Adjusted for Cost of Living: $44,711

Housing affordability (Median Household Annual Income per Median House Price): 18.6 percent

Median Home Value: $349,250

Median Home Price Appreciation (from 2007 to 2014): 6.13 percent

Average Home Square Feet: 1,234

Violent Crime Rate per Capita: 0.0043 percent

Property Crime Rate per Capita: 0.0167 percent

Lowell

WalletHub Rank (out of 300): 230

Median Household Annual Income Adjusted for Cost of Living: $41,921

Housing Affordability (Median Household Annual Income per Median House Price): 28.4 percent

Median Home Value: $207,566

Median Home Price Appreciation (from 2007 to 2014): -19.92 percent

Average Home Square Feet: 1,391

Violent Crime Rate per Capita: 0.0054 percent

Property Crime Rate per Capita: 0.0288 percent

Boston

WalletHub Rank (out of 300): 233

Median Household Annual Income Adjusted for Cost of Living: $36,830

Housing Affordability (Median Household Annual Income per Median House Price): 11.8 percent

Median Home Value: $429,566

Median Home Price Appreciation (from 2007 to 2014): 23.18 percent

Average Home Square Feet: 1,079

Violent Crime Rate per Capita: 0.0083 percent

Property Crime Rate per Capita: 0.0288 percent

Cambridge

WalletHub Rank (out of 300): 249

Median Household Annual Income Adjusted for Cost of Living: $50,649

Housing Affordability (Median Household Annual Income per Median House Price): 12.4 percent

Median Home Value: $561,366

Median Home Price Appreciation (from 2007 to 2014): 36.62 percent

Average Home Square Feet: 1,159

Violent Crime Rate per Capita: 0.0040 percent

Property Crime Rate per Capita: 0.0290 percent

While the city ranked pretty low overall, Cambridge had the third highest home price appreciation rate in the country, followed by New Orleans, Louisiana and Louisville, Kentucky. However, both Cambridge and Boston tied for second worst nationwide in terms of home energy costs.

Worcester

WalletHub Rank (out of 300): 265

Median Household Annual Income Adjusted for Cost of Living: $38,937

Housing Affordability (Median Household Annual Income per Median House Price): 25.5 percent

Median Home Value: $179,100

Median Home Price Appreciation (from 2007 to 2014): -19.52 percent

Average Home Square Feet: 1,410

Violent Crime Rate per Capita: 0.0096 percent

Property Crime Rate per Capita: 0.0352 percent

Springfield

WalletHub Rank (out of 300): 269

Median Household Annual Income Adjusted for Cost of Living: $27,560

Housing Affordability (Median Household Annual Income per Median House Price): 27.9 percent

Median Home Value: $123,466

Median Home Price Appreciation (from 2007 to 2014): -17.37 percent

Average Home Square Feet: 1,300

Violent Crime Rate per Capita: 0.0105 percent

Property Crime Rate per Capita: 0.0457 percent

Brockton

WalletHub Rank (out of 300): 273

Median Household Annual Income Adjusted for Cost of Living: $35,626

Housing Affordability (Median Household Annual Income per Median House Price): 25.1 percent

Median Home Value: $188,633

Median Home Price Appreciation (from 2007 to 2014): -21.06 percent

Average Home Square Feet: 1,408

Violent Crime Rate per Capita: 0.0116 percent

Property Crime Rate per Capita: 0.0326 percent

Lynn

WalletHub Rank (out of 300): 285

Median Household Annual Income Adjusted for Cost of Living: $33,119

Housing Affordability (Median Household Annual Income per Median House Price): 20.73 percent

Median Home Value: $230,967

Median Home Price Appreciation (from 2007 to 2014): -12.54 percent

Average Home Square Feet: 1,350

Violent Crime Rate per Capita: 0.0083 percent

Property Crime Rate per Capita: 0.0284 percent

Fall River

WalletHub Rank (out of 300): 289

Median Household Annual Income Adjusted for Cost of Living: $24,344

Housing Affordability (Median Household Annual Income per Median House Price): 19.6 percent

Median Home Value: $191,733

Median Home Price Appreciation (from 2007 to 2014): -28.34 percent

Average Home Square Feet: 1,528

Violent Crime Rate per Capita: 0.0107 percent

Property Crime Rate per Capita: 0.0304 percent

According to WalletHub, Fall River is among the five worst communities in the nation for median annual income with only Hartford, Connecticut and Paterson, New Jersey performing worse.

New Bedford

WalletHub Rank (out of 300): 296

Median Household Annual Income Adjusted for Cost of Living: $27,467

Housing Affordability (Median Household Annual Income per Median House Price): 22.7 percent

Median Home Value: $181,766

Median Home Price Appreciation (from 2007 to 2014): -29.93 percent

Average Home Square Feet: 1,366

Violent Crime Rate per Capita: 0.0109 percent

Property Crime Rate per Capita: 0.0335 percent