Report: Thornton, Greeley among best cities for first-time home buyers

THORNTON, Colo. – Colorado may be one of the worst states in the country for first-time homebuyers, but some cities are better than others.

In fact, Thornton is one of the best cities for people looking to buy their first home, according to a report from financial services website WalletHub. Greeley also came it near the top of the list at number 12.

The list largely reflects what many people already know to be true: Outlying suburbs offer the most affordable homes in most metro areas. Like Thornton, many of the top cities on WalletHub’s list are part of larger metros (the top three are all near Dallas, Texas).

However, determining the best places for first-time home buyers comes down to more than just affordability: WalletHub looked at a number of factors, including tax rates, foreclosure rates, job market, school quality and crime rates for its list.

RELATED: Tips and resources for first-time homebuyers

Based on those criteria, Texas apparently is the place to be. Three of the top five cities are all in the Lone Star State.

Here are the overall top 15 cities for first-time homebuyers, according to WalletHub:

1. McKinney, TX
2. Frisco, TX
3. Allen, TX
4. Cary, NC
5. Norman, OK
6. Lincoln, NE
7. Richardson, TX
8. Boise, ID
9. Thornton, CO
10. Murfreesboro, TN
11. Denton, TX
12. Greeley, CO
13. Gilbert, AZ
14. Charleston, SC
15. Grand Rapids, MI

When looking only at large cities (those with 300,000 residents or more), the results look a little different. Colorado Springs ranks third and Denver comes in 10th. Raleigh, North Carolina takes the top spot.

Though Denver and Colorado Springs have both seen increases in home prices and rents in recent years, they remain more affordable than other cities their size.

RELATED: These five Denver neighborhoods are good options for first-time homebuyers

To read the full report, head over to wallethub.com.

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