The economy is picking up, and the home ownership rate in 10 U.S. cities has soared

The economy is picking up, and the home ownership rate in 10 U.S. cities has soared At a time when student loan debt is at an all-time high, saving for a down payment is a challenge, and housing prices are skyrocketing in many areas, many Americans...

At a time when student loan debt is at an all-time high, saving for a down payment is a challenge, and housing prices are skyrocketing in many areas, many Americans, especially young people, don’t even dare to think about owning their own homes. However, the latest report shows that the home ownership rate in 10 cities has increased significantly recently, which may become a new choice for many people who desire to own their own homes.

According to USA Today, a report released by the U.S. Census Bureau in October last year showed that as of the third quarter of 2017, about 63.9% of Americans owned their own homes. For people under 35, the figure is bleak, at only 35.6%. The American homeownership rate peaked in 2004 at 69.2% and has been declining since then. The latest report from Realtor.com shows that at least 10 cities in the United States have experienced significant growth in home ownership rates.

The website's data team found that homeownership is growing in the Rust Belt (Michigan, Wisconsin, Indiana), as well as in some smaller cities on the outskirts of major cities and in some bustling southern heartlands. Clare Trapasso of Realtor.com said what's interesting is that most of these places are relatively affordable, with more than half of the cities on the list having median home prices lower than the national rate. The current median average home price in the United States is $274,492. If you plan to buy a house in 2018, keep these cities in mind.

>Milwaukee

Milwaukee, Wisconsin, known for its brewing industry, is recovering after decades of economic challenges. The current city-wide home ownership rate is 68.7%, an increase of 11% over the past three years. The median home price is $224,950.

Charlotte

As the booming financial center of the South, the homeownership rate in Charlotte, North Carolina, has grown 10.5% over the past three years and currently stands at 62.8%. The median home price here is $327,050, well above the national average.

Memphis

Memphis, Tennessee is a city famous for Elvis Presley. The local median house price is $195,050. The homeownership rate has increased by about 9.3% over the past three years and currently stands at 61%.

>Baltimore

Due to the high housing prices in Washington, DC, buyers have found nearby Baltimore to be an affordable city, with the home ownership rate as high as 68.4%, an increase of 7.3% in the past three years. The median home price hovers around $300,000 (30.2% lower than in Washington, D.C.).

>Allentown

Singer Billy Joel made Allentown, Pennsylvania, famous with his songs about the city's economic difficulties. Entering 2017, the city, not far from New York City and Philadelphia, is experiencing a rebirth, thanks in large part to the arrival of companies like Amazon, Walmart, and Nestlé. The local homeownership rate has increased by 7.3% in recent years to an astonishing 74.8%, well above the national average. The median home price is approximately $225,000.

Pittsburgh

According to statistics from Realtor.com, Pittsburgh, located in southwestern Pennsylvania, is becoming the East Coast version of Silicon Valley (except for sky-high housing prices). Local college graduates are being snapped up by technology companies such as Google, Uber and Intel, which all have local R&D centers. The local homeownership rate has increased 7.2% since 2014, to 74%, and surprisingly, its median home price is well below the national average at just $174,950.

>Albuquerque

Albuquerque, New Mexico, has a temperate climate, affordable housing, and a historic Old Town. The city's homeownership rate has increased by 5.7% in recent years to 66%. The median home price is approximately $239,950.

Nashville

Located in Nashville, Tennessee, it is a legendary music city and has become one of the food hotspots in the South. Local house prices have increased by 89% since 2012. Still, Nashville remains a relatively affordable place, and homeownership rates continue to rise. The average home price is $359,050, and the homeownership rate is 68.8%, an increase of 4.9% over the past three years.

Dallas

Texas has long been one of the most affordable places to live in the United States (with no state income tax), and this affordability has attracted many big businesses. In Dallas, many companies are moving into the area and expanding, causing prices to rise. The current median home price in the city is $339,950, and the homeownership rate is 60.7%, an increase of 4.8% over the past three years.

Syracuse

The median house price in Syracuse, New York is $149,950, with some houses priced between $80,000 and $100,000. The homeownership rate is 66.5%, up 4.6% since 2014.