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.