October 28, 2016

Minority Home Ownership Rates Are Rising

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Minority Home Ownership Rates Are Rising

Minority home ownership rates are showing signs of improvement for the first time since 2007, and they are likely to see significant growth in the coming decades. Indeed, 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 will be attributed to minorities. 

Read more: Bank Aim to Boost Hispanic Home Ownership and Hispanics Eye Larger Share of Market

Hispanics are supposed to drive most of that growth. The Hispanic home ownership rate has increased to its highest level since the third quarter of 2012. 

Of the 22 million new households formed from 2010 and 2030, nine million are expected to be home owners, and more than half of those new home owners are likely to be Hispanic. Eleven percent will be black and 29 percent will be other races. 

Meanwhile, white-only home ownership, which right now trends about 20 to 30 points higher than minorities, ended 2015 lower than its been in years. 

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