The Homeownership Boom and Bust for Blacks and Hispanics

A recent report from the Pew Hispanic Center looks at homeownership in the United States, and not surprisingly, finds huge differences in the ownership rates for whites and non-whites:

The boom-and-bust cycle in the U.S. housing market over the past decade and a half has generated greater gains and larger losses for minority groups than it has for whites, according to an analysis of housing, economic and demographic data by the Pew Hispanic Center, a project of the Pew Research Center.

From 1995 through the middle of this decade, homeownership rates rose more rapidly among all minorities than among whites.

But since the start of the housing bust in 2005, rates have fallen more steeply for two of the nation’s largest minority groups — blacks and native-born Latinos — than for the rest of the population.

Overall, the ups and downs in the housing market since 1995 have reduced the homeownership gap between whites and all racial and ethnic minority groups. However, a substantial gap persists. As of 2008, 74.9% of whites owned homes, compared with 59.1% of Asians, 48.9% of Hispanics and 47.5% of blacks.

HomeOwnershipRtes

The article on the report not only discusses homeownership rates, but it also looks at factors that affect homeownership, including the use of subprime loans.

The report itself, Through Boom and Bust: Minorities, Immigrants and Homeownership, can be found here.

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