[RentCafe Study]

Would you give up one bedroom to turn your homeownership dream into a reality? Well, one in three renters would do that, according to a recent survey conducted by RentCafe. Taking this one step further, we looked for the cities where downsizing would make homeownership achievable the fastest.

Renters in Detroit and Lansing could become homeowners in a record time of fewer than 3 years if they downsize their current rentals by one bedroom. Meanwhile, those renting in Kalamazoo, Southfield, and Ann Arbor will have to put in five years in order to achieve homeownership:

• Renters in Detroit are the closest to homeownership among the Michigan cities analyzed. Here, they could save $1,956 a year just by downsizing, which would cover the down payment costs for a starter home in a little over two years. Detroit is also the 6th city where you can save the fastest by downsizing, nationwide. 
• By giving up one bedroom in Lansing, renters could save enough for a down payment in exactly three years. This is possible thanks to the $2,904 annual savings derived from downsizing. Renters in Lansing could attain homeownership fastest than those in cities like Greenville, NC or Columbus, GA.  
• Also coming in under the five-year mark, Kalamazoo tenants could save a yearly amount of $2,932. Taking into consideration the typical down payment value for a starter home in Kalamazoo, it is possible to own a first home here in four years and 6 months.  
• By saving a little over $6,000 per year, renters in Ann Arbor could afford the 10% down payment in five years and two months. The median price is much higher in the city home to the Michigan University than in other locations but saving for a down payment here is almost as achievable.  
• Downsizing renters in Belleville will need to save for 9 years and two months, four times more than in Detroit, to put aside the value for a down payment, or $1,680 annually.

How many of the renters in your audience do you think would downsize for a down payment? Here are all the cities where you can get on the property ladder by giving up space, along with more charts and a detailed methodology of the report:  https://www.rentcafe.com/blog/nosidebar/downsize-for-a-downpayment-in-less-than-5-years/  

RentCafe.com is a nationwide apartment search website and a part of Yardi. Our original city-based research, insights, and in-depth analysis of the real estate market have been used in stories featured on major media publications across the U.S.