According to Zillow’s latest rental analysis, only 17.4 percent of active renters in Washington, D.C. have strong enough credit scores, high enough incomes, and the ability to afford to buy a median-priced home.
Breaking these numbers down, Zillow reported that the median home value in Washington, D.C. is currently $368,700. The homeownership rate in the city is 62.6 percent.
While comparing D.C. to other Metro areas in the nation, the District ranked eighth on the list of cities with the highest share of renters who are financially qualified to buy. Topping the list was San Jose, California with 35.6% of renters able to afford a median-priced home.
The lowest share of renters qualified to buy were found in Houston, Texas with 6.8% able to afford a median-priced home. Indianapolis, Indiana and Cleveland, Ohio ranked second and third on this list, respectively.