Economics
Cheaper Housing Options Boost Homeownership in Some U.S. Metros
- Redfin finds U.S. metros with best affordable availability
- Homeownership in Minneapolis is 57.7% for low-income families
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The American dream of homeownership is alive and within reach, even to those with modest household income, if they happen to live in Minneapolis, Pittsburgh or St. Louis.
Low-earning families are more likely to own a home in those cities than in any other large metro, according to an analysis of the 50 largest U.S. metro areas by Redfin Corp. Ample supplies of starter housing stock provide a bigger share of the populace to build wealth in home equity, according to Daryl Fairweather, the Seattle-based company’s chief economist.