Salt Lake City:

Homeownership rate among low-income households: 53.8% Median sales price: $319,000. 

Minneapolis may offer the most possibilities for low-income households to become homeowners.

The city has the nation’s highest homeownership rate among households in the bottom 25 percent of income at 57.7 percent, according to a new analysis of the 50 largest metros. Pittsburgh and St. Louis followed on the list, also having homes that tend to sell for less than the national median of $285,000.

Homeownership allows people to share in the prosperity of their communities and gain wealth through home equity.

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In many expensive metros, low-income residents aren’t able to access the benefits of homeownership because of a lack of affordable starter homes. But in areas like Minneapolis and Pittsburgh, low-income workers are still able to get their foot in the door on the American dream of homeownership.”

The following are the metros with the highest homeownership rates for low-income households, 

  • Minneapolis Homeownership rate among households in bottom 25% of income (2017): 57.7% Median sales price: $255,000
  • Pittsburgh Homeownership rate among low-income households: 55.8% Median sales price: $149,000
  • St. Louis Homeownership rate among low-income households: 55.5% Median sales price: $173,000
  • DetroitHomeownership rate among low-income households: 55% Median sales price: $122,000
  • Tampa, Fla. Homeownership rate among low-income households: 54.4% Median sales price: $220,000
  • Louisville, Ky. Homeownership rate among low-income households: 54.2% Median sales price: $181,000
  • Salt Lake City Homeownership rate among low-income households: 53.8% Median sales price: $319,000
  • Nashville, Tenn. Homeownership rate among low-income households: 53.7% Median sales price: $284,000
  • Charlotte, N.C. Homeownership rate among low-income households: 53.1% Median sales price: $230,000
  • Philadelphia Homeownership rate among low-income households: 52.6%Median sales price: $190,000

Meanwhile, some metros—particularly the pricey coastal markets—saw some of the lowest amount of low-income homeownership (bottom 25 percent of income earners in 2017). Those metros are Los Angeles (31%); New York (35%), San Diego (37.6%), Las Vegas (39.7%), and Columbus, Ohio (39.8%).

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So what are you waiting for? CALL or TEXT Today 801-809-9866 Carriene Porter has access to a vast database of information with recently listed and recent sold to help you home in. 

 

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