The 7 top places to own a home in America — if you’re not rich

If the economy continues to expand, Chacón said he would expect housing inequality to decline as well. But to mark the progress we’ve made since last year, here are the seven housing markets with the smallest homeownership gaps in the country, according to Trulia:

1. Montgomery County, Pennsylvania
   Homeownership rate for the upper third of households by income: 91.3%

Homeownership rate for the bottom third of households by income: 41.2%

How much more likely the upper third are to own homes: 2.21 times

Montgomery County is a relatively wealthy area northwest of Philadelphia with a median household income of more than $94,000 per year and a median home value of $280,321. Nonetheless, households in the bottom third of incomes still manage to find affordable homes, with a 41% ownership rate.

1. West Palm Beach, Florida
   Homeownership rate for the upper third of households by income: 76.8%

Homeownership rate for the bottom third of households by income: 34.8%

How much more likely the upper third are to own homes: 2.20

Florida is a standout when it comes to housing equality. In West Palm Beach, a tourist hub with a median home price of $204,883 and wide spread in home prices, ownership rates for the wealthiest groups are relatively low — around 76% — but that’s only slightly more than twice the rate for the bottom third.

1. Sarasota, Florida
   Homeownership rate for the upper third of households by income: 76.0%

Homeownership rate for the bottom third of households by income: 35.2%

How much more likely the upper third are to own homes: 2.16

Gulf Coast city Sarasota is another Florida town that’s closing the gap on housing inequality. More than 35% of lower income households own homes and the median home price of $200,727 is close to the national average.

1. Fort Myers, Florida
   Homeownership rate for the upper third of households by income: 72.5%

Homeownership rate for the bottom third of households by income: 34.2%

How much more likely the upper third are to own homes: 2.12

Fort Myers has a storied history as a popular winter retreat — Thomas Edison and Henry Ford used to spend their winters there — but its relatively low home prices (the median is $173,127) help explain why more than a third of lower-income residents there still own homes.

1. Troy, Michigan
   Homeownership rate for the upper third of households by income: 88.2%

Homeownership rate for the bottom third of households by income: 42.9%

How much more likely the upper third are to own homes: 2.05

Detroit suburb Troy, Michigan has the third smallest gap in homeownership rates in Trulia’s study, with nearly 43% of low-income residents owning a home. That’s partially because the Detroit suburbs are just generally an affordable place to live. The median home value in Troy is $158,858, versus more than $280,000 per home in Montgomery County, Pennsylvania.

1. Daytona Beach, Florida
   Homeownership rate for the upper third of households by income: 76.7%

Homeownership rate for the bottom third of households by income: 40.3%

1. Long Island, New York
   Homeownership rate for the upper third of households by income: 93.0%

Homeownership rate for the lower third of households by income: 50.1%

How much more likely the upper third are to own homes: 1.86

Suffolk and Nassau counties in Long Island, New York, have the lowest gap in homeownership rates in the country, with slightly more than half of less affluent households owning their own home. That makes sense, Trulia’s Chacón said, given the number of working class, suburban neighborhoods combined with nearby jobs in New York City: “They’re slightly older, and slightly more ready to settle down.”

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