10 Cities Where Renters Can Finally Afford To Buy a Home in 2025

John Schmoll

Tue, May 27, 2025, 9:53 AM 3 min read

Owning a home is a key component of the American Dream. Homeownership allows Americans to create stability and, arguably, build wealth. Unfortunately, many renters currently face challenges getting into a house. Rising prices and stubbornly high interest rates have made buying a house more expensive for most.

Compounding the problem is a reduced inventory of available houses, leaving fewer homes for prospective buyers to consider. Although inventory is growing, it’s still lagging in much of the country, according to the National Association of REALTORS.

Learn More: Renting vs. Owning a Home — Which Will Be Cheaper in 2025?

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Finding the right city in which to buy a house is essential for many renters. A recent study from Rocket Moving highlights the top cities for renters to purchase a home. The study looks at the average home price, median down payment, 15-year mortgage rate, homeownership rate and mortgage approval rate to identify the top ten cities where renters can afford to buy a house.

• Average home price: $226,800

• Median down payment: $26,500

• 15-year mortgage rate: 4.84%

• Homeownership rate: 71.8%

• Mortgage approval rate: 68.7%

• Composite score: 99.4

• Average home price: $346,700

• Median down payment: $38,500

• 15-year mortgage rate: 5%

• Homeownership rate: 74%

• Mortgage approval rate: 65.8%

• Composite score: 96.9

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• Average home price: $245,500

• Median down payment: $17,500

• 15-year mortgage rate: 4.94%

• Homeownership rate: 73.3%

• Mortgage approval rate: 60.9%

• Composite score: 92.6

• Average home price: $168,200

• Median down payment: $6,600

• 15-year mortgage rate: 5%

• Homeownership rate: 77%

• Mortgage approval rate: 54%

• Composite score: 89.4

• Average home price: $301,800

• Median down payment: $24,400

• 15-year mortgage rate: 4.99%

• Homeownership rate: 73%

• Mortgage approval rate: 53.4%

• Composite score: 88.0

• Average home price: $268,600

• Median down payment: $24,500

• 15-year mortgage rate: 4.96%

• Homeownership rate: 65.7%

• Mortgage approval rate: 68.8%

• Composite score: 86.0

• Average home price: $228,300

• Median down payment: $8,800

• 15-year mortgage rate: 4.91%

• Homeownership rate: 73.8%

• Mortgage approval rate: 53.5%

• Composite score: 83.1

• Average home price: $271,900

• Median down payment: $25,400

• 15-year mortgage rate: 4.86%

• Homeownership rate: 71%

• Mortgage approval rate: 61.4%

• Composite score: 82.9