August 20, 2025
As a realtor in New York City, I often meet first-time buyers who are eager to plant roots in the Big Apple—only to find themselves quickly overwhelmed by prices, competition, and the overall cost of living.
A recent WalletHub study put numbers behind the struggle: NYC ranked 282nd out of 300 cities on their list of Best and Worst Cities for First-Time Homebuyers.
Let’s break that down.
WalletHub evaluated cities using 22 key metrics across three major categories: Affordability, Real Estate Market, and Quality of Life. Unfortunately, New York didn’t fare well in any of them:
Among large cities (those with 300,000+ residents), NYC ranked 62nd out of 68. We only edged out six other metro areas—five of which were in California, and the last was New Orleans.
That said, does a low ranking mean you shouldn’t buy in NYC? Not necessarily.
What this study shows is that New York is not an "easy" market—but it’s still a worthwhile one if you know what you're doing and have the right guidance. Buying here takes more creativity, strategy, and patience—but for many, the long-term payoff can still be worth it.
Cities like Palm Bay, FL, Boise, ID, and Huntsville, AL topped the list as the most favorable places for first-timers. They offer more affordable homes, lower taxes, and stronger affordability ratios. But if your lifestyle, job, and goals are rooted in NYC, navigating this tough market is just part of the game—and that’s where I come in.
If you're thinking about buying your first place in the city, don’t get discouraged. Let’s talk strategy, timing, and neighborhoods that still offer value. The deck might be stacked—but with the right move, you can still win.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
