Cape Coral is the second-best city for first-time homebuyers in 2024, according to a new WalletHub study. The agency compared a sample of 300 United States cities across three key dimensions: affordability, real-estate market, and quality of life.
"I think it's true because we have a lot of good things happening in Cape Coral," said local realtor Sam Yaffey.
The study cited Cape Coral's large housing market, low crime rate, and access to good schools. It has the 16th lowest crime rate and 12th lowest property crime rate out of the 300 cities. It also has the 9th-best school system.
However, living in paradise is not cheap. Cape Coral ranked 154th in affordability. Many residents are paying significant amounts to switch from well water to city water.
"You can end up spending about $40,000 at today's cost," said Yaffey.
Some argue the city is expanding too quickly. Today, the City of Cape Coral announced a budget to address the city's growth and infrastructure needs, including lowering property tax rates and investing millions in roads and sidewalks.
Overall, Yaffey's advice to first-time homebuyers is to hire an experienced agent and have realistic expectations.
"If you're a first-time buyer, you need to realize you can't have everything. And if you have to lower your price point to get in, do it," said Yaffey.
WalletHub's top six cities were all in Florida, with Palm Bay ranking first.