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Charlotte ranks 53rd in cities where renters can afford to buy

The Charlotte area ranked 53rd among the nation’s top 100 metropolitan areas in an analysis of markets in which renters can afford to buy a home.

The National Association of Realtors recently issued the report, highlighting the fact that U.S. homeownership rates have fallen to the lowest level since 1965. Increasing rents, high student-debt burdens, stagnant wage increases and a resistance to the obligations attached to homeownership have all been cited as factors.

The NAR found that 29.8 percent of Charlotte renters earned the $51,439 salary that would, on average, qualify them to purchase a home. The Youngstown, Ohio, metro, which includes a portion of eastern Pennsylvania, scored the highest, at 55.6 percent of renters earning an income high enough to qualify for a home purchase. Honolulu scored the lowest, at 3.5 percent of renters earning the $183,764 necessary to buy a home.

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