Aug
04

Columbia Among Top Markets Where Renters Can Afford to Buy

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The U.S. homeownership rate has slowly fallen in recent years to currently its lowest level since 1965. After the recent housing downturn, it has been suggested that some are more hesitant to buy a home, and while data show that 74% of consumers think that it is a good time to buy a home, renters are less likely to think this than homeowners. A majority of those who do not own a home also believe it will be very or somewhat difficult to qualify for a mortgage, given their current financial situation.

However, based on our study, there are affordable metro areas right now where renters earn enough income to qualify to buy a home even with a down payment lower than the traditional 20 percent. While nationwide, 28 percent of renters have income to qualify for a home purchase, the top metro areas each had higher than 40 percent of renters who are qualified to buy. Comparing household income with qualifying income levels for renters in nearly 100 of the largest metro areas across the country, here are the top ten metro areas with the highest share of qualified renters for a home purchase and above-national hiring conditions.

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