How Much Time to Spend in Quebec City
NEW YORK (TheStreet) -- Location, location, location -- the first three rules of real estate. And with interest rates so low, it can be tempting to jump into buying home both feet first. But beware -- there are places where you should think twice about buying a home, at any price.
There are plenty of cities and towns where buying a home isn't a good idea; many are in California, according to WalletHub, a financial resources Web site.
WalletHub compared the 300 U.S. cities to determine the attractiveness of their first-time home-buyer markets, in its latest report. Among the 18 key metrics considered: housing costs, real-estate taxes, and property crime rates, were of top considerations.
WalletHub ranked a city based on its housing affordability, real-estate market and living environment, which included factors like violent crime rate, school systems and jobs availability, among other things.
WalletHub Sources: the U.S. Census Bureau, the Council for Community and Economic Research, Zillow, the Federal Bureau of Investigation, Experian, CoreLogic and WalletHub research.
Here are the 10 worst cities where sinking you're hard-earned money into a house may not be worth it.
10. Inglewood, Calif.
Housing Affordability Rank: 284
Real Estate Market Rank: 267
Living Environment Rank: 230
Approximately 12 miles southwest of Los Angeles is Inglewood, Calif. Inglewood has a population of approximately 112,000, according to 2013 Census data.
The median household income in Inglewood for the five years through 2013 was $43,394, below state's median of $61,094. Roughly 22% of the city's population fall below poverty level.
9. Salinas, Calif.
Housing Affordability Rank: 266
Real Estate Market Rank: 252
Living Environment Rank: 286
Approximately 60 miles south of San Jose is Salinas, Calif. Salinas has a population of approximately 156,000, according to 2013 Census data.
The median household income in Salinas for the five years through 2013 was $49,264, below state's median of $61,094. Roughly 21% of the city's population fall below poverty level.
8. Paterson, N.J.
Housing Affordability Rank: 298
Real Estate Market Rank: 219
Living Environment Rank: 182
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Approximately 20 miles west of New York City, Paterson has a population of approximately 146,000, according to 2013 Census data.
The median household income in Paterson for the five years through 2013 was $32,707, below state's median of $71,629. Roughly 29% of the city's population fall below poverty level.
Paterson ranked as the city with the lowest median annual income as well as one of the top 10 cities with the lowest median home-price appreciation, according to WalletHub.
7. Miami
Housing Affordability Rank: 300
Real Estate Market Rank: 241
Living Environment Rank: 180
Miami has a population of approximately 418,000, according to 2013 Census data.
The median household income in Miami for the five years through 2013 was $30,375, below state's median of $46,956. Roughly 30% of the city's population fall below poverty level.
6. New York, N.Y.
Housing Affordability Rank: 270
Real Estate Market Rank: 299
Living Environment Rank: 133
New York City has a population of approximately 8.4 million, according to 2013 Census data.
The median household income in New York for the five years through 2013 was $52,259, below state's median of $58,003. Roughly 20% of the city's population fall below poverty level.
5. Oakland, Calif.
Housing Affordability Rank: 271
Real Estate Market Rank: 296
Living Environment Rank: 261
Oakland is located roughly 12 miles east of San Francisco. It has a population of approximately 406,000, according to 2013 Census data.
The median household income in Oakland for the five years through 2013 was $52,583, below state's median of $61,094. Roughly 20.5% of the city's population fall below poverty level.
4. New Bedford, Mass.
Housing Affordability Rank: 297
Real Estate Market Rank: 279
Living Environment Rank: 248
New Bedford is located roughly 31 miles east of Providence, R.I. and about 60 miles south of Boston. It has a population of approximately 95,000, according to 2013 Census data.
The median household income in New Bedford for the five years through 2013 was $35,999, below state's median of $66,866. Roughly 24% of the city's population fall below poverty level.
3. Miami Beach, Fla.
Housing Affordability Rank: 292
Real Estate Market Rank: 228
Living Environment Rank: 290
As beautiful as it is, Miami Beach is WalletHub's third worst city for first-time homebuyers. Miami Beach is a quick 10-mile ride from downtown Miami over Biscayne Bay to the beaches. It has a population of approximately 91,000, according to 2013 Census data.
The median household income in Miami Beach for the five years through 2013 was $43,316, below state's median of $46,956. Roughly 17% of the city's population fall below poverty level.
Miami Beach was one of the top 10 cities with the highest property crime rate, according to WalletHub.
2. Richmond, Calif.
Housing Affordability Rank: 262
Real Estate Market Rank: 293
Living Environment Rank: 294
Richmond, Calif., is located roughly 18 miles north of San Francisco. It has a population of approximately 108,000, according to 2013 Census data.
Richmond's median household income for the five years through 2013 was $54,589, below state's median of $61,094. Roughly 18.5% of the city's population fall below poverty level.
1. Compton, Calif.
Housing Affordability Rank: 291
Real Estate Market Rank: 295
Living Environment Rank: 260
Compton is a city located in south Los Angeles. It has a population of approximately 98,000, according to 2013 Census data.
Compton's median household income for the five years through 2013 was $42,953, below state's median of $61,094. Roughly 26% of the city's population fall below poverty level.
How Much Time to Spend in Quebec City
Source: https://www.thestreet.com/investing/stocks/the-10-worst-cities-for-first-time-homebuyers-13224106