The rental market nowadays is scorching hot and the dream of homeownership strays farther away for many. RentCafe analyzed 200 cities to determine where renters can save for a down payment the fastest, only by downsizing by one bedroom.
Down payment value: $5,765Renters in Philadelphia. could become owners in one year and 10 months.Down payment value: $14,229Nothing says Southern hospitality like affordable housing and homeownership that's a reality instead of a distant dream. And, for renters in Jackson, Mississippi, saving up for a down payment on their first home can be achieved in exactly two years.
Granted, the median price of such homes is much higher than the top three locations on our list, but the income that Chicago residents earn here makes saving for a down payment almost as achievable as it is in Jackson, Mississippi.Down payment value: $20,185is mostly known for being home to the University of Alabama, it's also known for its low cost of living and affordable housing.
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Top Cities Where Renters Could Save The Fastest For A Starter HomeThe rental market nowadays is scorching hot and the dream of homeownership strays farther away for many. RentCafe analyzed 200 cities to determine where renters can save for a down payment the fastest, only by downsizing by one bedroom.
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