The renter-to-homeowner conversion is becoming a bigger ask for potential borrowers, as home prices remain high, mortgage rates hover around 7%, but rents continue to stabilize or even become more affordable.

As of December 2024, renters must earn $63,680 to afford the $1,592 of monthly, median asking rent for a U.S. apartment, according to a new analysis from real estate brokerage Redfin.

 

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