The nation’s home ownership rate is currently 65.4%, the lowest it has been in 16 years; however, home ownership is important to 96% of Americans, according to a poll from Prudential Real Estate.
It’s a buyer’s market right now, meaning that prices and mortgage rates are low, favoring homebuyers rather than sellers. If you’re looking to buy a home, now might be the time to start looking!
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For city-lovers who also aspire to own their own home, NerdWallet looked through the twenty-five most populous cities to find the big cities that are most friendly to homeowners.
Our analysis addresses three main questions:
- Are homes available? We assessed availability by the percentage of residents who own their own home. For example, New York’s home ownership rate is only 32.6%, likely a signal of competitive inventory, more housing options for renters rather than buyers, and expensive housing.
- Are homes affordable? We measured this by dividing the median 3-bedroom house price by the median income of residents, showing what homes costs as a multiple of income.
- Is the city likely to grow in upcoming years? We assessed growth by the percent population growth and the unemployment rate. High-growth cities have a low unemployment rate and a high population growth rate.
For more information, check out our Cost of Living Calculator and City Life tool.
10. Columbus, OH
Columbus is a great place to settle down and buy a home, with its low unemployment rate and low cost of living.
This college town (it’s home to the Ohio State University) has a laid-back Midwestern vibe, and the city has world-renowned hospitals (including The Ohio State University Wexner Medical Center) and research centers as well as an up-and-coming dining scene.
9. Denver, CO
Although Denver homes are somewhat costly compared to the other cities on this list, the median income is high enough in this nature-loving city to compensate for the higher cost.
Denver, known for its cleanliness, has something for every resident, including great sports teams, food, nearby mountains for hiking and skiing and a great music scene.
8. Indianapolis, IN
More than half of those living in Indianapolis own a home, and the homes themselves are very affordable, particularly when combined with the low cost of living in the city.
Indianapolis provides plenty of affordable homes for homebuyers.
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