Santa Monica ranked 2nd worst city for first-time homebuyers

Santa Monica was ranked as the second worst “small” city in the United States for first-time homebuyers, according to an analysis released by WalletHub Tuesday.

The analysis looked at affordability in 300 cities, which hasn’t changed much over the last year.

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Berkeley is ranked as the worst “small” city for first-time homebuyers. Burbank was ranked the fifth worst and Pasadena was ranked the 10th. Glendale was ranked the second worst “midsize” city.  When it came to “large” cities, Los Angeles was ranked the third worst.

The report examined median home prices and how they paired with the annual income. The criteria also considered the cost of homeowners insurance, real estate taxes, and the cost of living per square foot.

Toledo, Ohio was ranked the most affordable place to live.

However, when it comes to the quality of life, Tampa, Florida ranked first, and Oakland ranked last.

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