Skip to main content

NAR Picks Top Markets for Renters Seeking Homeownership

Phil Hall
Aug 04, 2016
The seemingly endless parade of lists of Top 10 markets for some aspect of housing continues, with today’s offering—the best metro area for renters that are financially able to purchase residential property—coming from the National Association of Realtors

The seemingly endless parade of lists of Top 10 markets for some aspect of housing continues, with today’s offering—the best metro area for renters that are financially able to purchase residential property—coming from the National Association of Realtors (NAR).

To achieve this list, NAR culled roughly 100 metro areas and number crunched factors including employment growth, household income and qualifying income levels. The result saw a considerable geographical imbalance, with nine of the 10 based in the Midwest and South and three in Ohio.

NAR’s list of the top markets with the highest share of renters who can afford to purchase a home includes Toledo, Ohio (46 percent); Little Rock, Ark. (46 percent); Dayton, Ohio (44 percent); Lakeland, Fla. (41 percent); St. Louis (41 percent); Columbia, S.C. (41 percent); Atlanta (40 percent); Columbus, Ohio (38 percent); Tampa, Fla. (38 percent); and Ogden, Utah (38 percent).

“Even in a time of expanding home sales, steady job growth and historically low mortgage rates, the homeownership rate recently tumbled to its lowest level in over five decades as many renters struggle to juggle escalating rents without commensurate income gains,” said NAR Chief Economist Lawrence Yun. “However, this new study reveals that there are several affordable, middle-tier markets with solid job gains and a large segment of renters who earn enough to buy.” 

Published
Aug 04, 2016
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021