Record housing price appreciation and low inventory is dominating news about the real estate market, but the latest U.S. Census Bureau numbers show that home ownership is rising for Americans.
Census Bureau data shows that the homeownership rate actually hit 67.9% in the second quarter of 2020, up from 64.1% from a year before. More recently, the national homeownership rate was 65.4% in the second quarter of 2021, which is slightly higher than pre-COVID-19 rates.
Though rates are rising by and large, homeownership remains more achievable in some places than others. In this study, SmartAsset examined how long it takes for renters to become homeowners in the 100 largest U.S. cities. We also consider the estimated time to homeownership in the 15 largest U.S. cities, accounting for either a 10% or 20% down payment on the median valued home in each place.
Six of the 10 cities where it takes the least time for renters to become homeowners are in the Midwest. They include Fort Wayne, Indiana; Toledo, Ohio; Detroit, Michigan; Wichita, Kansas; Cleveland, Ohio and Omaha, Nebraska. The estimated average length of time for renters to become homeowners in all six of those cities is less than two and a half years.
To see SmartAsset's breakdown of the markets where it takes the least time for renters to become homeowners and the estimated time to homeownership in the 15 largest cities …