A new ranking finds the 10 U.S. cities with the highest single homeownership rates in the nation, finding that median incomes are higher for the top 10 than for the bottom 10.
Top 10 cities in SmartAsset's study average $75,800 in median income, while bottom 10 cities average $57,300. However, top 10 cities also have higher housing costs: average monthly housing costs in the top 10 is about $1,397, more than the average costs in the bottom 10 cities, $1,290. Overall, Arizona was the best state for single homeowners, accounting for a lot of retired homeowners, with three top 10 cities and a fourth city in the top 15.
Saving for a home can take years, which sometimes makes the idea of switching from renting to buying a daunting one even if you have some help. But if you’re on your own, buying a home can be even more challenging. Not only do you need to have enough money to make a down payment by yourself, but you need to make enough each month to afford mortgage payments as well. That doesn’t mean you need to set aside this dream. With some thoughtful planning and detailed information, residents in many cities are successfully making the leap.