If you're looking for a new home in an urban area, you might be attracted to some more up-and-coming areas.

But buyer beware: Some of those areas come with big risks.

That is according to a new study from GOBankingRates, which evaluated cities based on multiple criteria: percentage of homes with mortgages in negative equity, foreclosure rates, delinquency rates on mortgage payments, homeowner vacancy rates and rental vacancy rates. The site then ranked 40 cities according to these risks.

To be sure, many areas of the country are holding steady. Separate research from CoreLogic, a provider of property information, data and analytics, released in March found that delinquency and foreclosure rates overall were the lowest since 2000.

More from Personal Finance:

Here are the most and least affordable cities to live in

Residents in this metro area saw taxes rise by more than $2,600

Do this when mortgage shopping and save $430 (in interest)

"You could see this as a list of bargains. But if things don't improve, you're just going to lose equity on your house," said Andrew DePietro, lead researcher and data analyst at GOBankingRates.

On top of the list is Newark, New Jersey, which also came in first with highest delinquency rate and highest homeowner vacancy rate.

Other Northeast cities to make the list include Baltimore; Bridgeport, Conn.; Hartford, Conn.; Philadelphia; and Syracuse, New York.