The Collin County city of Princeton was named the best city in Dallas-Fort Worth for first-time homebuyers, according to a report by consumer advocacy site NerdWallet.
The report is based on the assumption that the first-time homebuyer earns $54,524 a year with a 4.8 percent personal savings rate, allowing the homebuyer to spend about $1,272 a month on housing. NerdWallet used the factors of value appreciation, housing cost, prosperity and safety to determine each city’s score.
Princeton has a median home value of $120,500 and median property tax rate of 1.95 percent. The city’s population also grew more than 14 percent between 2010 and 2013 and has a “most safe” crime rating on NeighborhoodScout.
Rendon, Bridgeport, Hutchins and Melissa rounded out the top five cities.
Dallas ranked No. 81 with a median home value of $129,300 and “least safe” crime rating. Fort Worth is three spots behind, also with a “least safe” crime rating and median home value of $120,700.
The report listed 93 Dallas-Fort Worth communities with a population of 5,000 or greater. Southlake, Highland Park and University Park were not included in the list due to limited data regarding home values.
Here are the top ten cities:
6. Pecan Acres
7. Little Elm
8. River Oaks