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.

 

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