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10 Cities Where It’s Easiest for Renters To Take the Leap to Homeownership

June 17, 2025

3 min Read

Written by Gabrielle Olya

Edited by Chris Cluff

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According to the latest available U.S. Census Bureau data, 66% of Americans own their homes, which means roughly one-third of Americans are currently renting or have other living arrangements. For renters who aspire to be homeowners, clearing the financial hurdles can be tough, but they have a better chance of achieving this goal in certain U.S. cities compared to others.

To find the cities where it’s easiest for renters to become homeowners, Rocket Moving analyzed a number of factors including average home price, personal income, down payment size and mortgage approval rates.

Based on this analysis, these are the cities where it’s easiest for renters to achieve homeownership.

Des Moines, Iowa

Average home price: $226,800
Median down payment: $26,500
15-year mortgage rate: 4.84%
Mortgage approval rate: 68.7%

Minneapolis

Average home price: $346,700
Median down payment: $38,500
15-year mortgage rate: 5.00%
Mortgage approval rate: 65.8%

Indianapolis

Average home price: $245,500
Median down payment: $17,500
15-year mortgage rate: 4.94%
Mortgage approval rate: 60.9%

Morgantown, West Virginia

Average home price: $168,200
Median down payment: $6,600
15-year mortgage rate: 5.00%
Mortgage approval rate: 54%

Charleston, South Carolina

Average home price: $301,800
Median down payment: $24,400
15-year mortgage rate: 4.99%
Mortgage approval rate: 53.4%

Fargo, North Dakota

Average home price: $268,600
Median down payment: $24,500
15-year mortgage rate: 4.96%
Mortgage approval rate: 68.8%

Huntsville, Alabama

Average home price: $228,300
Median down payment: $8,800
15-year mortgage rate: 4.91%
Mortgage approval rate: 53.5%

Pittsburgh

Average home price: $271,900
Median down payment: $25,400
15-year mortgage rate: 4.86%
Mortgage approval rate: 61.4%

Grand Rapids, Michigan

Average home price: $249,900
Median down payment: $23,200
15-year mortgage rate: 4.86%
Mortgage approval rate: 61.3%

Kansas City, Missouri

Average home price: $252,400
Median down payment: $17,800
15-year mortgage rate: 4.90%
Mortgage approval rate: 60%

Editor’s note: Data was sourced from Rocket Moving and is accurate as of May 21, 2025.

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