Broken Arrow ranks No. 4 for new homebuyers

A national survey shows that Broken Arrow is one of the best cities in the country for first-time home buyers.

In a ranking of best cities – large and small – Broken Arrow was No. 4, according to the survey by personal finance website WalletHub’s “2015’s Best & Worst Cities for First-Time Home Buyers.”

The survey looked at 300 cities and evaluated 18 factors, including housing costs, real-estate tax rates, median home price appreciation and property crime rates.

Tulsa is No. 37 on the overall list but No. 9 on the list of big cities (populations of 300,000 or more).

In housing affordability, Broken Arrow was No. 5 and Tulsa was No. 88. Broken Arrow was listed as No. 3 in the small city (less than 150,000 population) category.

The study found:

  • The median household annual income (adjusted for cost of living) is five times higher in Frisco, Texas, than in Paterson, N.J.
  • Housing in Flint, Mich., is 13 times more affordable than in Santa Monica, Calif.
  • The real-estate tax rate is 13 times higher in Waukegan, Ill., than in Honolulu.
  • The rent-to-price ratio is six times higher in Detroit, than in Sunnyvale, California
  • The property crime rate is ten times higher in Miami Beach, Fla., than in Mission Viejo, California.
  • The average energy cost per household is four times higher in Honolulu than in Denton, Texas.

In 2014, the National Association of Realtors reported that among buyers of primary residences, 33 percent were first-timers, whereas the historical average has been 40 percent for this group. And according to a recent Gallup poll, 41 percent of non-homeowners in 2015 don’t plan to buy a home in the foreseeable future, compared with 31 percent two years ago.

Best Cities Overall

  1. Overland Park, Kansas
  2. Allen, Texas
  3. Centennial, Colorado
  4. Broken Arrow
  5. Frisco, Texas
  6. Norman, Oklahoma
  7. Oklahoma City
  8. Tulsa
  9. Fort Smith, Arkansas
  10. Dallas
  11. Wichita, Kansas
  12. Springfield, Missouri
  13. Oakland, California
  14. New Bedford, Massachusetts
  15. Miami Beach, Florida
  16. Richmond, California
  17. Compton, California

Housing Affordability Rank

  1. Broken Arrow
  2. Norman
  3. Oklahoma City
  4. Tulsa

Large City Ranking

(300,000 or more population)

  1. Colorado Springs, Colorado
  2. Arlington, Texas
  3. Austin, Texas
  4. Virginia Beach, Virginia
  5. Raleigh, North Carolina
  6. Oklahoma City
  7. Omaha, Nebraska
  8. Pittsburgh Pennsylvania
  9. Tulsa
  10. Lexington, Kentucky

Small City Ranking

(Fewer than 150,000 population)

  1. Allen, Texas
  2. Centennial, Colorado
  3. Broken Arrow
  4. Frisco, Texas
  5. Carrolton, Texas
  6. McKinney, Texas
  7. Longmont, Colorado
  8. Thornton, Colorado
  9. Richardson, Texas
  10. Arvada, Colorado
  11. Norman, Oklahoma