Minneapolis, Pittsburgh, and St. Louis topped a recent ranking of metros with the highest homeownership rates for low-income households.
March 5, 2019
Photo: Unsplash/Isaiah Rustad
Minneapolis, Pittsburgh, and St. Louis topped a recent ranking of metros with the highest homeownership rates for low-income households.
One half of the Twin Cities, Minneapolis, was on top of Redfin's study with a homeownership rate of 57.7 percent for households with incomes in the bottom quarter of all earnings in the metro in 2017. Pittsburgh's homeownership rate for these households was 55.8 percent, and St. Louis' was 55.5 percent. As well, Louisville, Ky.; Charlotte, N.C.; and Nashville had the biggest rise in low-income homeownership in the five years ending in 2017.
Los Angeles, New York and San Diego, all expensive coastal markets, are home to the three lowest homeownership rates for households in the bottom quartile of income at 31 percent, 35 percent and 37.6 percent, respectively. Los Angeles and San Diego feature in the top three least affordable places for millennials. This analysis includes the 50 largest metro areas in the U.S.
