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

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.

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

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

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

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

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

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

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

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

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

• 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.