Toughest Markets For Renters to Become Homeowners

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Real Estate Broker/Owner
https://activerain.com/droplet/4hkK

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

 

become homeownersFirst-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

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Rainer
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Dave Skow
Movement Mortgage - Seattle, WA
Dave Skow

surprising that Seattle didnt make the list !

May 30, 2014 10:27 AM #1
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