Which metropolitan areas have the highest rate of homeownership for low income families? That’s the question that Redfin recently put to the test in a recent report. Interestingly they do point out that in general, homeownership for people in the bottom income quartile is more common where housing is relatively inexpensive….that’s genius…(just be sure to look at their data set).
“Homeownership allows people to share in the prosperity of their communities and gain wealth through home equity,” said Redfin chief economist Daryl Fairweather. “In many expensive metros, low-income residents aren’t able to access the benefits of homeownership because of a lack of affordable starter homes…”