First-time homebuyers, beware! Putting down roots in the Bay Area could be a costly decision.
Cities in the Bay may be beautiful, but they rank among the worst areas to settle down, according to a new study by the personal finance website WalletHub.
The study looked at the cost of living, real estate taxes, property crime rates and 24 other different metrics for 300 different cities spanning the United States.
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The worst place to purchase property on the list was the city of Berkeley, and just three spots below that was Oakland. Santa Rosa, Antioch, San Jose and San Francisco rounded out the bottom of the list.
San Francisco, Sunnyvale and Santa Clara were among six cities that tied for the highest cost of living in the country.
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Rent prices were also compared to mortgage costs. The Bay Area did not perform well in this category, either.
The five cities with the absolute worst median home values compared to median annual rent were all in the Bay Area and included Berkeley, Fremont, San Mateo, Santa Clara, and Sunnyvale.
Weather and the job market were also factored into the ranking.
Berkeley, Oakland ranked among worst cities in the U.S. for first-time homebuyers, study finds
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