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Research shows that homebuyers often struggle to obtain small mortgages—those for less than $150,000—even in metropolitan areas where low-cost homes are plentiful.

To better understand the financing challenges facing these homebuyers, Craig J. Richardson Consulting, LLC, and ¹ú²úÊÓƵ’s Future of Land and Housing program studied how residents in El Paso, St. Louis, and Philadelphia navigate the homebuying process.

This research highlights the urgent need for more small mortgages, especially in low-cost cities, to help expand homeownership opportunities for low- and moderate-income families and reduce the growing divide between renters and owners.

This research was commissioned and published by The Pew Charitable Trusts.

For more, read this or explore ¹ú²úÊÓƵ’s work on affordable homeownership.