LendingTree Ranks U.S. Cities with Lowest Homeownership Costs for Single Parents
LendingTree conducted a study using U.S. Census Bureau data from the 50 largest cities in America to examine housing expenses for single-parent households. On a national scale, homeowners in this demographic allocate over 25% of their income to housing, while renters surpass 40%. Indianapolis stands out with the lowest homeowner cost at 21.7% and an ideal affordability score of 100. Following closely is Louisville at 22.0%, which also boasts the lowest rent burden at 36.6%. Raleigh's ownership cost is 22.5%, yet it has the highest rent burden at 41.5%. Additional cities include St. Louis (22.7%), Pittsburgh (22.9%), Detroit (23.4%), and Grand Rapids (23.8%), with homeownership rates of 47.5% and 48.1%, respectively. This analysis reveals significant differences in housing costs for renters and owners.
Key facts
- LendingTree analyzed U.S. Census Bureau data for the 50 largest American cities.
- Indianapolis has the lowest ownership cost share for single parents at 21.7%.
- Louisville has the lowest rent burden at 36.6% for single-parent renters.
- Detroit has a single-parent homeownership rate of 47.5%, the third-highest nationally.
- Grand Rapids has a single-parent homeownership rate of 48.1%, second-highest nationally.
- National average for single-parent homeowners is 25.7% of income spent on housing.
- Single-parent renters nationally spend over 40% of income on housing.
- Salt Lake City ranks highest on LendingTree's overall single-parent housing index.
Entities
Institutions
- LendingTree
- U.S. Census Bureau
Locations
- Indianapolis
- United States
- Louisville
- Kentucky
- Raleigh
- North Carolina
- St. Louis
- Missouri
- Pittsburgh
- Pennsylvania
- Detroit
- Michigan
- Grand Rapids
- Los Angeles
- California
- New York
- Salt Lake City
- Utah
- Kansas City
Sources
- Quartz —