Santa Barbara Ranked 7th Worst City for First-Time Home Buyers
By edhat staff
For the third year in a row, Santa Barbara made it on the list of the top ten worst cities for first-time homebuyers.
Santa Barbara dropped down the list this year coming in seventh while in 2020 and 2019 it ranked as third.
In 2020, 40% of all U.S. single-family home purchases were made by first-time buyers, and 14% more people became first-time buyers than the previous year. This growth is due in part to the fact that interest rates dropped dramatically during the COVID-19 pandemic, according to WalletHub.
WalletHub compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability, and quality of life. Their data set ranges from cost of living to real-estate taxes to property-crime rate. Here is how Santa Barbara fared.
Buying a First Home in Santa Barbara (1=Best; 150=Avg.):
- 234th – Housing Affordability
- 263rd – Cost of Living
- 281st – Rent-to-Price Ratio
- 174th – Median Home-Price Appreciation
- 196th – Foreclosure Rate
- 122nd – Property-Crime Rate
Santa Barbara ranks #294 overall and #132 among small cities.
The top five best places to purchase a home are Chesapeake, VA; Gilbert, AZ; Lincoln, NE; Cape Coral, FL; and Boise, ID respectively.
Out of 300, Santa Barbara is followed by fellow California cities San Mateo, Los Angeles, Santa Monica, San Francisco, Oakland, and Berkeley, respectively. Further condensed to city size, Santa Barbara's "small city ranking" determines it is followed only by San Mateo, Santa Monica, and Berkeley.
The typical home value of homes in Santa Barbara is $1,508,149 with home values increasing by 26.9% over the past year, according to Zillow.
Santa Maria was ranked 189, followed by Oxnard at 227 and Ventura at 257. Roseville was the "most affordable" California city for first-time homebuyers ranked at 56 followed by Elk Grove at 78 and Visalia at 87.