At 62.9 percent, the homeownership rate is as low as it has been for a long while. Many renters could help turn that around, but aren’t.
Zillow found the cities with the most financially-secure renters, the people who could afford to buy. The data was based on renters with a credit score of 700 or higher, and those who earned a monthly income equal to or greater than the monthly income necessary to afford the typical rent in the respective areas. The site found that 13.6 percent of on-market renters had strong credit scores and had a high monthly income, meaning that they could afford a home if they so desired.
New York, Seattle, and the California cities of Los Angeles, San Francisco, San Diego, and San Jose had the highest percentages of renters with strong credit scores and high incomes.