Best and worst cities for first-time homebuyers

By Real EstateFOXBusiness

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It ain't easy out there for a first-time homebuyer anymore.

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With rising mortgage rates and home prices, 2019 is already shaping up as a bumpy road for real estate seekers.

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These increase, says Realtor.com chief economist Danielle Hale, may force buyers to either downsize or move to cheaper markets.

To figure out what cities offer the best — and worst — deals for first timers, online loan website LendingTree ranked key factors in 50 of the largest metropolitan areas in the country.

Key factors included average down payment amount, average down payment percent and share of buyers using a Federal Housing Administration (FHA) mortgage.

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Here are the results.

Best cities for first-time homebuyers

Pittsburgh

pittsburgh,pennsylvania,usa. 2017-08-20, beautiful pittsburgh at twilight.

Average down payment amount: $34,049

Average down payment percentage: 15 percent

Share of buyers using an FHA mortgage: 36.5 percent

Average FHA down payment as a percentage of average down payment for all loans: 31.2 percent

Percentage of buyers who have credit scores below 680: 41.3 percent

HOI Index Score: 78.4

Cleveland

Various aerial photos over Cleveland with the city skyline

Average down payment amount: $32,775

Average down payment percentage: 15 percent

Share of buyers using an FHA mortgage: 32.95 percent

Average FHA down payment as a percentage of average down payment for all loans: 32.7 percent

Percentage of buyers who have credit scores below 680: 42.8 percent

HOI Index Score: 82.2

Oklahoma City

The aerial view of Oklahoma City, Oklahoma taken from a Robinson 44 helicopter with the door removed on August 15, 2014. Oklahoma City is the capital and largest city of the state of Oklahoma. The city ranks as the eighth-largest city in the United S

Average down payment amount: $30,234

Average down payment percentage: 13 percent

Share of buyers using an FHA mortgage: 25.4 percent

Average FHA down payment as a percentage of average down payment for all loans: 32.8 percent

Percentage of buyers who have credit scores below 680: 36.9 percent

HOI Index Score: 79

Worst cities for first-time homebuyers

Los Angeles

Panoramic view of City of Los Angeles with San Gabriel mountain in the background

Average down payment amount: $95,418

Average down payment percentage: 18 percent

Share of buyers using an FHA mortgage: 14.1 percent

Average FHA down payment as a percentage of average down payment for all loans: 33.6 percent

Percentage of buyers who have credit scores below 680: 9.2 percent

HOI Index Score: 9.1

Denver

Skyline cityscape from aerial drone view looking west towards Rocky Mountain front range and downtown skyscrapers rise up in mile high city

Average down payment amount: $74,317

Average down payment percentage: 19 percent

Share of buyers using an FHA mortgage: 15.5 percent

Average FHA down payment as a percentage of average down payment for all loans: 38.8 percent

Percentage of buyers who have credit scores below 680: 16.8 percent

HOI Index Score: 51.5

San Francisco

Ina Coolbrith Park, San Francisco, California, USA.

Average down payment amount: $128,627

Average down payment percentage: 21 percent

Share of buyers using an FHA mortgage: 9.8 percent

Average FHA down payment as a percentage of average down payment for all loans: 27.1 percent

Percentage of buyers who have credit scores below 680: 11.4 percent

HOI Index Score: 11.1