Currently Reading

Renters Are Becoming Homeowners the Quickest in These 25 Cities


Renters Are Becoming Homeowners the Quickest in These 25 Cities

September 27, 2019
cities with growing renter populations
Photo: Arek Socha/Pixabay 

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.


Read More

Related Stories

Housing Markets

States Where Wealthy Gen Xers Move To

Gen Xers, those born between 1965 and 1980, made up the highest share of homebuyers in 2020—they also earn the most out of other homebuying…

Market Data + Trends

First-Time Buyers Make Up Majority of Today's Buyers

Americans’ desire for homeownership continued its rebound from a low point in 2020 through the second quarter of 2021. The National Association of…


5 Ways to Appeal to Military Homebuyers

Home builders can show their support for military families by following these simple but important steps


More in Category

Never before have home builders had to navigate a market where houses are pre-selling fast while the cost of so many resources is rising and so many supplies are constrained at the same time


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.