Where are qualified homebuyers opting to rent instead?

  • The top four cities where renters are able to afford and qualify to buy a home are in California.
  • In Houston, the homeownership rate is 59 percent, and it has the smallest share of renters who qualify to buy a home.
  • Of all the metros covered in both sets, Detroit has the highest homeownership rate, at 68 percent.

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People throughout the nation continue to rent because they cannot afford to purchase a home, right? Not necessarily, according to a new Zillow report, which says 14 percent of renters could afford and qualify to buy a home throughout the nation’s largest rent-friendly metros.