Home ownership is a major part of the American dream, but between inflation and a chaotic housing market, achieving it is becoming increasingly difficult. Today, the average age of first-time homeowners is 40, a sharp increase from even five years ago, when the average age was 33. It’s clear that potential homeowners are facing many challenges, but this new study from MovingPlace shows that location can have a big impact on how likely renters are to be able to find a home to own.
MovingPlace analyzed ZIP codes to find the most and least affordable locations for home ownership. They compared average monthly mortgage payments in these locations with average renter’s income. They found that in these ZIP codes, the difference between average income and monthly mortgage was the lowest:
30349: Atlanta, GA
75217: Dallas, TX
60617: Chicago, IL
37042: Clarksville, TN
73099: Yukon, OK
60623: Chicago, IL
78577: Pharr, TX
27610: Raleigh, NC
28269: Charlotte, NC
Not every Atlanta location is affordable, but the 30349 ZIP code tops the list as the most affordable. Many sources recommend Johns Creek in Fulton County as the best value for the cost of living.
As for the most prohibitive locations, the team found that renters cannot afford to buy a home in these ZIP codes:
11204: Brooklyn, NY
10453: Bronx, NY
98052: Redmond, WA
10025: New York, NY
11385: Ridgewood, NY
98012: Bothell, WA
91709: Chino Hills, CA
10314: Staten Island, NY
60647: Chicago, IL
90250: Hawthorne, CA
Kings County, in New York City, encompasses Brooklyn, and it’s extremely expensive, with a median home value of $1,198,458. This ZIP code is a strong indicator of where it might be possible to achieve the dream of homeownership and where challenges remain.
