The need for a down payment and the upfront costs of a home remain the biggest hindrances for most prospective house hunters. After rent and other monthly payments get made, there's not always much left over to save.

However, not all metro areas are equal, and in some the median renter can save up enough to become a homeowner in less than five years. With reduced savings times, these cities could be hot markets for mortgage originations.

"Cities that require less time for renters to become homeowners can be particularly good options for the increasing number of millennials looking to purchase property while facing other financial challenges like raising a family or paying off student loans and credit card debt," AJ Smith, vice president of financial education at SmartAsset, said in a statement to NMN. "In the top 10 cities on our list, the average resident can afford the upfront costs of the typical home in about four years or less if they save 40% of their income remaining after paying income taxes and rent."

From Texas to Ohio, here's a look at the top 15 housing markets providing the shortest timelines for renters to buy a home, according to SmartAsset.

For the analysis, SmartAsset weighed five factors in each of the largest 100 U.S. cities: Median income, effective income tax rate, median annual rent, median home value and average closing costs in each city. Data comes from the Census Bureau's 2017 American Community Survey.

The fintech company used the median income, local tax rate and median annual rent to calculate how much income a renter would have left over after paying income taxes and for housing. The study operated under the assumption renters would save 40% of their post-tax and post-rent income annually. Then the timeframes were calculated based on how long it'd take the savings to cover a 20% down payment plus the average closing costs on a median-priced house in each city.
NMN10082019-SmartAsset.png

No. 15 Buffalo, N.Y.

Estimated years to homeownership: 4.3
Income after taxes and rent: $14,398
Upfront home costs: $24,759
NMN121918-buffalo.jpeg

No. 14 Arlington, Texas

Estimated years to homeownership: 4.27
Income after taxes and rent: $21,700
Upfront home costs: $37,101
Arlington, Texas

No. 13 Indianapolis, Ind.

Estimated years to homeownership: 4.16
Income after taxes and rent: $18,109
Upfront home costs: $30,165
NMN052218-indianapolis.jpg
Indianapolis, Indiana, USA skyline over Monument Circle.

No. 12 Kansas City, Mo.

Estimated years to homeownership: 4.14
Income after taxes and rent: $20,072
Upfront home costs: $33,232
NMN121918-kansas-city.jpeg
View of Kansas City skyline in Missouri, United State

No. 11 Houston, Texas

Estimated years to homeownership: 4.1
Income after taxes and rent: $23,281
Upfront home costs: $38,189
Houston

No. 10 Fort Worth, Texas

Estimated years to homeownership: 4.01
Income after taxes and rent: $23,315
Upfront home costs: $37,421
Fort Worth, Texas
Cityscape of Fort Worth Texas in early evening light

No. 9 Garland, Texas

Estimated years to homeownership: 4.01
Income after taxes and rent: $22,320
Upfront home costs: $35,815
Garland, Texas

No. 8 Omaha, Neb.

Estimated years to homeownership: 4
Income after taxes and rent: $21,666
Upfront home costs: $34,630
NMN022118-omaha-adobe.jpg
Skyline of Omaha, Nebraska as seen from the water feature of Gene Leahy Mall

No. 7 Cleveland, Ohio

Estimated years to homeownership: 3.99
Income after taxes and rent: $10,931
Upfront home costs: $17,424
NMN053018-cleveland.jpg
CLEVELAND - SEPTEMBER 16: Rock and Roll Hall of Fame and Cleveland, Ohio skyline from the harbor walkway

No. 6 Memphis, Tenn.

Estimated years to homeownership: 3.97
Income after taxes and rent: $14,510
Upfront home costs: $23,044
11-memphis-adobe.jpg

No. 5 Detroit, Mich.

Estimated years to homeownership: 3.86
Income after taxes and rent: $9,334
Upfront home costs: $14,407
NMN121917-detroit.jpg

No. 4 Fort Wayne, Ind.

Estimated years to homeownership: 3.75
Income after taxes and rent: $17,484
Upfront home costs: $26,214
Fort Wayne, Ind.
Aerial view over the downtown city skyline of Fort Wayne Indiana USA

No. 3 Columbus, Ohio

Estimated years to homeownership: 3.67
Income after taxes and rent: $22,953
Upfront home costs: $33,715
NMN022119-columbus.jpg
Columbus, Ohio beyond The Ohio State University

No. 2 Irving, Texas

Estimated years to homeownership: 3.35
Income after taxes and rent: $30,618
Upfront home costs: $41,015
Irving, Texas
Aerial view apartment buildings complex near canal in Irving, Texas, USA, wintertime.

No. 1 Toledo, Ohio

Estimated years to homeownership: 3.09
Income after taxes and rent: $15,313
Upfront home costs: $18,908
toledo-1013-adobe.jpg
A panoramic view of downtown Toledo Ohio's skyline from across the Maumee river at a popular restaurant area with a paver brick boardwalk and a decorative iron railing.. A beautiful blue sky with white clouds for a backdrop.
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