Per the U.S. Census Bureau, nationwide homeownership rates hit 63.9 percent in the third quarter of this year, still down about five percentage points from their pre-crash high in 2004. But in these 10 cities, the homeownership rates are fast-growing.
The data team at Realtor.com discovered that ownership is growing the fastest in resurging Rust Belt cities, small cities outside of large, expensive metros, and Southern hubs with growing job markets. Affordability is a strong draw in these areas: The median home prices in more than half of the metros in Realtor.com’s top 10 are below the national median of $274,492.
Milwaukee, Wis., tops the list with a homeownership rate of 68.7 percent and a median home price of $224,950. Allentown, Pa., an hour drive from Philadelphia, has the highest homeownership rate on the list at 74.8 percent. Other top cities include Charlotte, N.C., Memphis, Tenn., Baltimore, Md., and Albuquerque, N.M.
Advertisement
Related Stories
Market Data + Trends
Single-Family Permits Show Increase in February
Year-to-date ending in February, single-family permits were up in all four regions of the U.S.
Single-Family Homes
What Does It Cost to Build a Single-Family Home?
A closer look at the itemized costs in each stage of construction for a single-family home
House Review
4 Single-Family Build-to-Rent Home Designs Offering Comfort and Construction Efficiency
Single-family rentals are popular. Take a look at these detached-home design ideas for the single-family build-to-rent market, one of the fastest-growing segments of single-family construction
