Local & Regional
Tue August 19, 2014
BA Choice for First Time Home Buyers
Broken Arrow has been named the Best City for First-Time Home Buyers by personal finance website WalletHub.
To determine which housing markets most favor first-time home buyers, WalletHub assessed the affordability of homes as well as the conditions of the real estate market and community environment in the 300 largest U.S. cities. WalletHub used 17 key metrics, ranging from median house prices and real estate taxes to median home price appreciation and price-to-rent ratios.
“It’s no surprise that out of the 300 largest cities in the U.S., Broken Arrow is the best city for first time home owners. You get a high value home for less than what you’d pay in other parts of the country,” said Mayor Craig Thurmond. “Our low crime rate, excellent schools, availability of high-paying jobs and a wide variety of recreational and cultural amenities makes Broken Arrow an attractive place for people to buy their first house.
According to real estate database Zillow, the current median home value in Broken Arrow is $146,500. Home values have gone up 6.0% over the past year and Zillow predicts they will rise 1.6% within the next year.