MONTGOMERY, Ala. — According to personal finance and economics website WalletHub Alabama’s Capital City is one of the best cities in the nation for first-time homebuyers.
Coming in at number 18 overall, Montgomery is the highest-ranked city in the Southeast and the top non-Texas southern metropolitan area. The next highest Alabama city on the list was Huntsville at #71.
To determine the most favorable housing markets for first-time buyers, WalletHub measured the real-estate landscape within 300 large, medium, and small U.S. cities, using 18 criteria in three key dimensions: 1) Housing Affordability, 2) Real-Estate Market and 3) Living Environment.
Notably, Montgomery came in at #4 on the Real-estate Market measure and Huntsville ranked #6 in Housing Affordability.
Accounting for size, Montgomery was the #6 medium-sized city, Huntsville was #22, and Birmingham was #27.
“Every time Montgomery catches national attention and praise we’re excited, but we’re especially enthusiastic to be ranked as the best city for first-time home buyers in the state and the 18th best in the nation, outranking more than 280 cities included in the study,” Montgomery Mayor Todd Strange told Yellowhammer Thursday. “This honor speaks volumes about the vast opportunities Montgomery has to offer – from old historic neighborhoods dating back to the turn of the century to sleek lofts overlooking the Alabama River in our vibrant, revitalized downtown. It also means we’re hitting our goal to be seen as an attractive option for young talent, those looking to settle down and job creators alike.”
Within each dimension, WalletHub measured the following statistics:
Housing Affordability
Median Household Annual Income (Adjusted for Cost of Living)
Housing Costs (Median Household Annual Income Divided by Median House Price)
Consumer Non-Housing Debt (Divided by Median Household Annual Income)
Real-Estate Tax Rate
Real-Estate Market
Rent-to-Price-Ratio
Sale-to-List Price Ratio
Median Home-Price Appreciation
Average Home Square Footage
Foreclosure Rate
Living Environment
Violent Crime Rate
Property Crime Rate
WalletHub’s “Recreation” Ranking
WalletHub’s “Recession Recovery” Ranking
WalletHub’s “Weather” Ranking
WalletHub’s “School Systems” Ranking
WalletHub’s “Driving Environment” Rank
Total Home-Energy Cost
WalletHub “Jobs Availability” Ranking
Here is the total overall ranking for Alabama’s listed cities:
#18 — Montgomery
#71 — Huntsville
#87 — Birmingham
#155 — Mobile
#161 — Tuscaloosa
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— Elizabeth BeShears (@LizEBeesh) January 21, 2015
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