For low-income families, achieving the American dream of owning a home can be quite difficult. A new report revealed that it certainly is not impossible. According to HousingWire, there are a few areas across the U.S. that feature affordable homes for low-income families and atop the list is Minneapolis.
"Minneapolis has a large supply of condos and townhomes that are priced lower than the median for the area, which is one reason why it's affordable for people of all different means and backgrounds," said Redfin Market Manager Chris Prescott, according to the report.
"There are still some great locations in the area where homebuyers can purchase a single-family fixer-upper at an affordable price and build equity. Plus, it's a large geographic area, so buyers can live outside the core and still enjoy a reasonable commute into the city or find a good job in our growing suburbs."
Meanwhile, cities like Los Angeles, New York and San Diego have the three lowest homeownership rates for low-income families in the U.S. Mortgage rates are also making it difficult for low-income families to to purchase homes in larger metros.
"According to Redfin’s analysis, in nine of the 10 metro areas with the highest homeownership rates for low-income families, the rate went up from 2012 to 2017," reported HousingWire.
To learn more about the most affordable metros for low-income families in the U.S., click one the image above.