Have you ever wondered where the American dream of homeownership remains most elusive? Across the United States, some cities have significantly lower rates of homeownership than the national average.
These urban centers often share common factors like high housing costs, competitive real estate markets, and large renter populations. Let’s explore the U.S. cities where residents are least likely to own their homes and discover where Miami stands in this ranking.
1. New York, NY: The Empire State Of Renters
If owning a home in the Big Apple seems like a fantasy, you’re not alone. The astronomical property prices here make homeownership nearly impossible for average earners.
New York’s median home values hover around $700,000, while space remains incredibly limited. Most residents opt for renting tiny apartments instead of purchasing…