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!
Click here to see the top 10 cities >
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.
See the rest of the story at Business Insider
Please follow Your Money on Twitter and Facebook.
