The cities where homeownership rates are growing the fastest are mostly in the Rust Belt, as well as smaller metros near bigger and more expensive urban areas, according to research from realtor.com®. The South is also seeing an uptick in homeowners thanks to booming job markets in the region. “Affordability is a strong draw to these areas,” says realtor.com® Chief Economist Danielle Hale.
More than half of the metros on realtor.com®’s list have median home prices under the national median of $274,492. Realtor.com®’s research team compared the ownership rates in the first three-quarters of 2014 to the first three-quarters of 2017. The following places are seeing the highest increases in homeownership rates:
1. Milwaukee
- Median home price: $224,950
- Current homeownership rate: 68.7%
- Three-year homeownership change: 11%
- Median home price: $327,050
- Current homeownership rate: 62.8%
- Three-year homeownership change: 10.5%
- Median home price: $195,050
- Current homeownership rate: 61%
- Three-year homeownership change: 9.3%
- Median home price: $300,040
- Current homeownership rate: 68.4%
- Three-year homeownership change: 7.3%
- Median home price: $225,050
- Current homeownership rate: 74.8%
- Three-year homeownership change: 7.3%
- Median home price: $174,950
- Current homeownership rate: 74%
- Three-year homeownership change: 7.2%
- Median home price: $239,950
- Current homeownership rate: 66%
- Three-year homeownership change: 5.7%
