SmartAsset created a rent vs. buy calculator that determines the amount of time for which buying a home makes more sense than renting.
Of course, the amount of time it takes for a renter to save up for the upfront costs of a home is another important consideration, but for people who have their heart set on homeownership, the calculator helps users find where among the 100 largest U.S. cities it takes the least amount of time for renters to buy.
SmartAssets assumes a 20% down payment will be part of the upfront purchasing costs and crunched five metrics to build the calculator. It found that the average time to homeownership in its top 10 cities was four years. Six of the top markets were in Ohio and Texas while more expensive markets like Los Angeles and New York City had an estimated time to homeownership greater than 15 years.
To see the top 25 cities where renters can become homeowners quicker …
Advertisement
Related Stories
Economics
Mortgage Rate Declines Could Boost Home Sales Following Months of Low Activity
Encouraging economic news bumped mortgage applications up by 2.6% for the week ending May 3
Affordability
American Families Are Spending a Quarter of Their Income on Mortgage Payments
The average monthly mortgage payment is up more than 9% year-over-year
Affordability
Is Fractional Homeownership Any Kind of Solution for Housing Attainability?
The imbalance between housing supply and demand is spurring some innovative options within the real estate industry
