Buying a home is the dream of thousands of Latino families in the United States. If you're a Cuban resident in Florida considering setting up your home in the Sunshine State, here’s a list of the best places to buy a home for the first time.
A recent study by WalletHub highlights five cities in Florida as the top options for first-time homebuyers in the United States. The research compared 300 different cities, utilizing 22 key indicators of market attractiveness, affordability, and quality of life. These indicators include the cost of living, property taxes, and crime rate.
Buying a house in the United States, especially for immigrant families, is no easy task. Rising prices and interest rates make this goal increasingly difficult to achieve. In 2023, first-time buyers represented only 32% of the market, compared to the historical average of 40%. In such a challenging context, finding the right location is crucial for those looking to invest in a home.
It's likely that your first home won’t be in Miami, where real estate prices have soared considerably. However, there are other options in Florida offering excellent quality of life, diverse educational opportunities, and professional prospects that will allow you to establish your home.
Top Five Cities in Florida for First-Time Homebuyers
1. Palm Bay is the best city for first-time buyers. It excels with the highest number of active home listings per capita and new construction permits per capita. This abundance of options, both new and old homes, facilitates the search based on your budget. Interestingly, the city has the third-highest homeownership rate among millennials and promises high property value appreciation, with a 106% increase between 2016 and 2022.
2. Cape Coral stands out with a large number of home listings and new construction permits. This city boasts the highest number of real estate agents per capita in the country, which makes the buying process easier due to market competitiveness, allowing you to find offers that match your interests. Cape Coral is also recognized for its low crime rate, including violent crimes and property crimes. Additionally, it has the ninth-best school system, making it attractive for families with children.
3. Port St. Lucie has the second-lowest property crime rate and the twenty-third lowest foreclosure rate among the 300 cities analyzed. It also offers a safe environment and job options for those settling there with their families.
4. Tampa is notable for its attractive real estate market, with the sixth-highest rate in this indicator and the best quality of life among the 300 cities evaluated. Its affordability isn't the most highlighted, but the combination of a robust real estate market and high quality of life makes it a very attractive option for first-time buyers.
5. Orlando is a world-renowned city for its tourist attractions, diverse real estate market, and excellent quality of life. It offers employment opportunities in the service sector and has a good educational system, making it ideal for investing in a first home in the U.S.
At a time when buying a home might seem like an unattainable dream, places like Palm Bay, Cape Coral, Port St. Lucie, Tampa, and Orlando offer renewed hope for first-time buyers, providing an ideal combination of cost, quality of life, and safety.
FAQs About First-Time Homebuying in Florida
In this section, we address common questions and provide answers relevant to first-time homebuyers considering a move to Florida.
Why is Palm Bay considered the best city for first-time homebuyers?
Palm Bay is considered the best city for first-time homebuyers due to its high number of active home listings per capita and new construction permits, along with a significant homeownership rate among millennials and substantial property value appreciation.
What makes Cape Coral a good choice for first-time buyers?
Cape Coral is a good choice for first-time buyers because of its large number of home listings, a high concentration of real estate agents, low crime rates, and an excellent school system.
How does Tampa combine affordability and quality of life for first-time buyers?
While Tampa’s affordability isn't the highest, its robust real estate market and high quality of life make it an attractive option for first-time buyers.