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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. San Diego-Carlsbad-San Marcos, Calif. Median home price: $476,790 Renters eligible to buy out of every 100 housing units: 5.49 San Francisco-Oakland-Fremont, Calif. Median home price: $682,410 Renters eligible to buy out of every 100 housing units: 5.7 Boston-Cambridge-Quincy, Mass.-N.H. Median home price: $371,300 Renters eligible to buy out of every 100 housing units: 8.4 Miami-Fort Lauderdale-Pompano Beach, Fla. Median home price: $254,900 Renters eligible to buy out of every 100 housing units: 10.21 Riverside-San Bernardino-Ontario, Calif. Median home price: $263,600 Renters eligible to buy out of every 100 housing units: 10.23 Denver-Aurora-Broomfield, Colo. Median home price: $279,300 Renters eligible to buy out of every 100 housing units: 10.39 Washington, D.C.-Arlington-Alexandria, Va.-Md.-W.Va. Median home price: $368,000 Renters eligible to buy out of every 100 ... more
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