Rocket Movings 2023 Analysis: Top 5 Cities for Renters to Easily Transition to Homeownership
According to the latest U.S. Census Bureau data, 66% of Americans own their homes, leaving roughly one-third of Americans currently renting or with other living arrangements. For renters who aspire to become homeowners, overcoming financial hurdles can be challenging, but certain U.S. cities offer better opportunities than others.
To determine the cities where it’s easiest for renters to become homeowners, Rocket Moving analyzed various factors including average home prices, personal income, down payment sizes, and mortgage approval rates. Based on this analysis, these are the cities where renters have the best chance of achieving homeownership:
Minneapolis: The average home price in Minneapolis is $346,700, with a median down payment of $38,500. The 15-year mortgage rate is 5.00%, and the mortgage approval rate is 65.8%.
Indianapolis: The average home price in Indianapolis is $245,500, with a median down payment of $17,500. The 15-year mortgage rate is 4.94%, and the mortgage approval rate is 60.9%.
Morgantown, West Virginia: The average home price in Morgantown is $168,200, with a median down payment of $6,600. The 15-year mortgage rate is 5.00%, and the mortgage approval rate is 54%.
These cities offer favorable conditions for renters looking to become homeowners. With lower average home prices and higher mortgage approval rates, renters in these cities have a better chance of achieving their dream of owning a home.
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