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Minority homeownership rates rising

 

NEW YORK – March 1, 2016 – Minority homeownership rates show signs of improvement for the first time since 2007, and the trend should continue as minorities will probably see significant growth in the coming decades.

Some forecasters predict that more than three-quarters of household growth from 2010 to 2020 will be from minorities. From 2020 to 2030, 88 percent of the growth may be attributed to minorities.

Experts think Hispanics will drive most of that growth, and the Hispanic homeownership rate has increased to its highest level since the third quarter of 2012.

Of the 22 million new households formed between 2010 and 2030, nine million are expected to be homeowners – and more than half of those new homeowners are likely to be Hispanic, while 11 percent will be black and 29 percent will be other races.

Meanwhile, white-only homeownership, which right now trends about 20 to 30 points higher than minorities, ended 2015 lower than it's been in years.

Source: "Is Minority Homeownership on the Rise?" Total Mortgage (Feb. 25, 2016)

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688  

Related Topics: Trends