LEXINGTON, Ky. — With a tight inventory and rising prices, buying a home has been a challenging process for many in 2021. However, according to a recent study released by SmartAsset, Lexington and Louisville rank among the best 25 cities in the nation for first-time homebuyers.
To determine its rankings, SmartAsset considered 163 of the largest U.S. cities and analyzed 12 metrics across four major categories:
- Home market favorability (price-to-rent ratio, five-year home value appreciation, and foreclosure rate).
- Affordability (under-45 homeownership rate, down payment-to-income ratio, housing costs as a percentage of income, and effective property tax rate).
- Livability (concentration of dining and entertainment establishments, average commute time, and violent crime rate).
- Employment (unemployment rate and five-year change in median household income).
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