Thanks in part to a growing economy and a rebounding housing market, residents of some metro areas are more likely to own their homes. Although the demand for rentals has been rising in the United States, homeownership has not lost its appeal for many Americans. A strong housing market is reflective of a good economy, and the U.S. appears to still be benefiting from a bull market. 

According to Realtor.com, these five cities have the highest percentage of homeowners in the U.S.: 

1. Allentown, Pennsylvania 

Positioned between New York and Philadelphia, this former industrial boomtown is the fastest growing city in all of Pennsylvania, and has a homeownership rate of 73.1 percent. A lot of that is thanks to the city’s efforts to find new ways to bring fresh businesses in now that steel production and manufacturing have largely moved out of the area.

Companies like FedEx, Amazon and Nestle are creating jobs and growth for most of the Lehigh Valley. The area is also more affordable than the counties to its south and east, making Allentown a prime place for first-time homebuyers. 

2. Pittsburgh, Pennsylvania

The Steel City is experiencing a tech boom, with prosperous companies like Apple, Google and Facebook opening offices in the city, which now has a 72.7 percent homeownership rate. The second-largest city in Pennsylvania boasts a low unemployment rate of 3.9 percent, according to the Pittsburgh Post Gazette, which makes it easier for residents to purchase and retain their homes.  

3. Louisville, Kentucky

With a median home value in Louisville of $157,200 and low national interest rates, it’s no wonder roughly 71.7 percent of metro area residents own their own homes. Considering the median home value in the U.S. is $220,100, Louisville presents itself as an affordable place to live and prosper. The home of the Kentucky Derby is also a significant center of shipping and manufacturing.

4. Grand Rapids, Michigan

There are plenty of jobs for residents of Michigan's second-largest city. Known as Furniture City, Grand Rapids is the headquarters for many of the world’s leading furniture companies. With a strong manufacturing and production base, it’s not surprising that the homeownership rate is 71.7 percent in this city east of Lake Michigan. It was recently named one of the fastest-growing metro areas in the country.  

5. Columbia, South Carolina

Home to the University of South Carolina and Fort Jackson—the largest Army training base in the country—Columbia has plenty to attract potential homeowners to the area. It has a homeownership rate of 70.7 percent. According to Livability, the state capital offers educational opportunities, cultural attractions and great neighborhoods, in addition to mild winters and trendy restaurants.