Newton has been named the fifth best place for first time homebuyers in America.
The ranking took into account the affordability, liveability and price stability of various communities.
Here are the details:
“Situated less than 10 miles from downtown Boston, Newton’s homes are pricey; the median home price in 2015 was $809,700. But incomes here are also high. The median household income was $126,649, the second-highest of all 448 cities, making mortgage costs 33% of income; this is around the maximum ratio that most financial experts recommend spending on monthly housing costs. Homebuyers in Newton also have access to $39,384 in down payment assistance programs. Additionally, Newton’s unemployment rate of just 2.2% was the fourth-lowest of all cities analyzed.”
The list comes from nerdwallet.com
Check out the latest homes for sale in Newton here.