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Yahoo
27-05-2025
- Business
- Yahoo
10 Cities Where Renters Can Finally Afford To Buy a Home in 2025
Owning a home is a key component of the American Dream. Homeownership allows Americans to create stability and, arguably, build wealth. Unfortunately, many renters currently face challenges getting into a house. Rising prices and stubbornly high interest rates have made buying a house more expensive for most. Compounding the problem is a reduced inventory of available houses, leaving fewer homes for prospective buyers to consider. Although inventory is growing, it's still lagging in much of the country, according to the National Association of REALTORS. Learn More: Find Out: Finding the right city in which to buy a house is essential for many renters. A recent study from Rocket Moving highlights the top cities for renters to purchase a home. The study looks at the average home price, median down payment, 15-year mortgage rate, homeownership rate and mortgage approval rate to identify the top ten cities where renters can afford to buy a house. Average home price: $226,800 Median down payment: $26,500 15-year mortgage rate: 4.84% Homeownership rate: 71.8% Mortgage approval rate: 68.7% Composite score: 99.4 Average home price: $346,700 Median down payment: $38,500 15-year mortgage rate: 5% Homeownership rate: 74% Mortgage approval rate: 65.8% Composite score: 96.9 Read Next: Average home price: $245,500 Median down payment: $17,500 15-year mortgage rate: 4.94% Homeownership rate: 73.3% Mortgage approval rate: 60.9% Composite score: 92.6 Average home price: $168,200 Median down payment: $6,600 15-year mortgage rate: 5% Homeownership rate: 77% Mortgage approval rate: 54% Composite score: 89.4 Average home price: $301,800 Median down payment: $24,400 15-year mortgage rate: 4.99% Homeownership rate: 73% Mortgage approval rate: 53.4% Composite score: 88.0 Average home price: $268,600 Median down payment: $24,500 15-year mortgage rate: 4.96% Homeownership rate: 65.7% Mortgage approval rate: 68.8% Composite score: 86.0 Average home price: $228,300 Median down payment: $8,800 15-year mortgage rate: 4.91% Homeownership rate: 73.8% Mortgage approval rate: 53.5% Composite score: 83.1 Average home price: $271,900 Median down payment: $25,400 15-year mortgage rate: 4.86% Homeownership rate: 71% Mortgage approval rate: 61.4% Composite score: 82.9 Average home price: $249,900 Median down payment: $23,200 15-year mortgage rate: 4.86% Homeownership rate: 74.1% Mortgage approval rate: 61.3% Composite score: 81.8 Average home price: $252,400 Median down payment: $17,800 15-year mortgage rate: 4.9% Homeownership rate: 68.7% Mortgage approval rate: 60% Composite score: 80.7 Transitioning from renting to buying a house is challenging in the current economy, but it is achievable. 'A lot of renters assume buying a home is out of reach, but that depends entirely on where you're looking,' said Christopher Vardanyan, CEO at Rocket Moving. 'In some cities, the difference between renting and owning comes down to a few thousand dollars and slightly better loan odds. That's a much shorter leap than people think, especially when you compare it to cities where both the down payment and mortgage approval chances are working against you.' With planning and an opportunistic eye, buying a house is possible. More From GOBankingRates Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on 10 Cities Where Renters Can Finally Afford To Buy a Home in 2025
Yahoo
25-05-2025
- Business
- Yahoo
10 Most Livable and Affordable Cities for Singles
Living comfortably on a single income is challenging in many cities, but some offer a better quality of life for single people than others. In addition to offering more affordable rent, cost of living, and home prices, the best cities for singles also boast employment opportunities, safety and other features that are important to single people, including walkability, restaurants and high rental availability. Read More: Find Out: To find the most livable and affordable cities for singles, Rocket Moving analyzed cities across several key metrics, including rent prices, cost of living, job opportunities, safety and social infrastructure. Based on this analysis, these are the best U.S. cities for singles. Average rent: $1,899 # of available 1-bedroom rentals: 6,526 Job growth rate: 4.6% Open job positions: 9.68 million Average rent: $1,571 # of available 1-bedroom rentals: 1,235 Job growth rate: 5.1% Open job positions: 1.54 million Average rent: $2,225 # of available 1-bedroom rentals: 19,592 Job growth rate: 4.6% Open job positions: 13.83 million See Next: Average rent: $1,286 # of available 1-bedroom rentals: 1,708 Job growth rate: 2.7% Open job positions: 1.73 million Average rent: $1,015 # of available 1-bedroom rentals: 1,186 Job growth rate: 2.5% Open job positions: 430,000 Average rent: $1,602 # of available 1-bedroom rentals: 8,986 Job growth rate: 2.6% Open job positions: 3.15 million Average rent: $2,052 # of available 1-bedroom rentals: 8,325 Job growth rate: 3.2% Open job positions: 3.31 million Average rent: $1,359 # of available 1-bedroom rentals: 2,695 Job growth rate: 2% Open job positions: 2.96 million Average rent: $1,138 # of available 1-bedroom rentals: 1,380 Job growth rate: 2.3% Open job positions: 460,000 Average rent: $1,075 # of available 1-bedroom rentals: 154 Job growth rate: 2.1% Open job positions: 290,000 More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on 10 Most Livable and Affordable Cities for Singles
