4 Cities With Smallest Homeownership Gaps by Income Level

Riverside, San Jose, and San Francisco, Calif., along with Tampa, Fla., have the smallest gaps in homeownership rates between low-income families and the overall population, according to a new study.

Tampa has the smallest gap, per Redfin's study findings, with a 54 percent homeownership rate for low-income households, versus a 69 percent rate overall. Tampa's median sale price is $225,000, while Riverside's is $375,000. Meanwhile, San Francisco and San Jose's median home sale prices have topped $1 million over the past few years, pricing out many households.

“San Jose’s overall homeownership rate is low due to a lack of affordability throughout the metro area,” said local Redfin agent Kalena Masching. “Prices are so high that homes are often unaffordable even for relatively high income earners, making it so that a software developer is not much more likely than someone in a middle-paying profession to be a homeowner.”

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