Real Estate

Newark Is USA’s ‘Worst City For 1st Time Homebuyers,’ Report Says

Find out why a recent study named Newark as the "worst city for first time homebuyers" in the nation.

NEWARK, NJ — Newark is the “worst city for first time homebuyers” in the nation, a recent study says.

Financial information provider WalletHub recently released a report that compared 300 U.S. cities of varying sizes based on their “affordability, “real-estate markets” and “quality of life.”

Data used to create these rankings were collected from the U.S. Census Bureau, Council for Community and Economic Research, Zillow, Federal Bureau of Investigation, Insurance Information Institute, Renwood RealtyTrac and WalletHub research.

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Learn more about the study and its methodology here.

According to the ranking, Newark placed dead last overall and #94 among “midsize cities.” Among 300 cities, Newark ranked:

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  • 214th – Housing Affordability
  • 278th – Real-Estate Tax Rate
  • 219th – Cost of Living
  • 136th – Rent-to-Price Ratio
  • 272nd – Median Home-Price Appreciation
  • 280th – Foreclosure Rate
  • 261st – Violent-Crime Rate
  • 121st – Property-Crime Rate
  • 193rd – Total Home-Energy Cost

Read the full study here.

Photo: Flickr Commons

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