Toughest Markets For Renters to Become Homeowners

This article from RealtorMag shows the 7 worst markets for renters to become homeowners…

 

First-time home buyers are facing tougher mortgage underwriting standards and tight inventories in the lower-priced home market, says National Association of REALTORS® President Steve Brown. It’s preventing some renters from purchasing homes, housing experts say. In some markets, renters are facing even more hurdles to reaching home ownership.

According to a recent analysis of 25 metro areas by SNL Real Estate, the following markets are proving to be the toughest markets for renters to break into home ownership.

1. San Diego-Carlsbad-San Marcos, Calif.
   Median home price: $476,790
   Renters eligible to buy out of every 100 housing units: 5.49
2. San Francisco-Oakland-Fremont, Calif.
   Median home price: $682,410
   Renters eligible to buy out of every 100 housing units: 5.7
3. Boston-Cambridge-Quincy, Mass.-N.H.
   Median home price: $371,300
   Renters eligible to buy out of every 100 housing units: 8.4
4. Miami-Fort Lauderdale-Pompano Beach, Fla.
   Median home price: $254,900
   Renters eligible to buy out of every 100 housing units: 10.21
5. Riverside-San Bernardino-Ontario, Calif.
   Median home price: $263,600
   Renters eligible to buy out of every 100 housing units: 10.23
6. Denver-Aurora-Broomfield, Colo.
   Median home price: $279,300
   Renters eligible to buy out of every 100 housing units: 10.39
7. Washington, D.C.-Arlington-Alexandria, Va.-Md.-W.Va.
   Median home price: $368,000
   Renters eligible to buy out of every 100 housing units: 10.79
   source: realtor magazine, daily real estate news, the wall street journal

Donald Horne, Team Success Listing <<<
Associate Broker for Coldwell Banker Shooltz Realty
810-338-0628 or 248-969-8065
donaldhorne.realtor@gmail.com