Wallethub Analysis: Homebuyers Better Off Renting in Rockford

Wallethub Analysis: Homebuyers Better Off Renting in Rockford

Website analyzed 17 separate criteria in 300 cities to help first-time homebuyers.
WTVO/WQRF -- A rank of the best communities for first-time homebuyers by the website Wallethub.com concludes that those considering buying a home in Rockford would be better off renting instead.

August is one of the top months for home sales, and so WalletHub compared the 300 largest U.S. cities to determine which ones are most and least attractive to first-time home buyers. 17 metrics were analyzed ranging from median house prices and real estate taxes to median home price appreciation and price-to-rent ratios. Wallethub says that for those planning to relocate or purchase a new home in the near future, the findings of this study will help them make more sound financial decisions.

And overall, Wallethub concluded that people relocating to the Rockford area are most likely better off renting. That's because while the survey found homes in Rockford are the 5th most affordable in the nation, the ranks falls to 119 when other 'affordability' factors such as real estate taxes and average income when compared to housing costs are factored in.

More concerning to Wallethub is the city's poor real estate market including a more attractive price-to-rent ratio for renters and a low median price appreciation. That reflects the fact that the 'Great Recession' pushed down home values in the city in part because of a large number of foreclosures. Rockford's comparatively high crime rate, high unemployment rate and unappealing weather ranked it 285th on Wallethub's 'Community Environment' scale.

Overall, Rockford ranked 238th in home-buying attractiveness.

The top ranked areas to buy a home according to Wallethub's analysis were in the metropolitan Dallas-Forth Worth area.

You can see a summary of the full survey here.

http://wallethub.com/edu/best-and-worst-cities-for-first-time-home-buyers/5564/

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