A new study by SmartAsset has calculated the average time it takes for renters to become homeowners in the 100 largest US cities, and 25 stood above the rest.
Depending on things like annual savings, income, living expenses, and local home values, some renters are able to save enough to become homeowners quicker than others.
The study measured each city on five variables:
The median income for residents
The estimated income tax rate for residents
The area's median annual rent
The area's median home value
The area's average closing costs
You can read more about the methodology in this study here. It assumes renters eager to buy a home are saving 40% of their post-tax, post-rent annual income.
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