Black and Hispanic Homeownership Dips Despite Overall Rate Increase
Overall homeownership is surprisingly high as the rates notched its highest point since 2014, according to a recent report. Unfortunately there are some demographics that don't share the same rate of increase.
For the Hispanic and Black demographic, National Mortgage News is reporting a drop in homeownership.
"While homeownership grew to 64.3% from 63.7% a year ago, there was a 31.3 percentage point disparity between white and black homeowners and a 26.3 percentage point difference between whites and Hispanics, the latest residential vacancies and homeownership report from the Census Bureau shows," according to NMN.
The report also added that Hispanic homeownership saw the largest quarter-over-quarter drop across all ethnic groups.
Folks ages 45-to-54 were the driving factors in overall homeownership growth, though, the report also claims that millennials are coming up rapidly and will likely drive the demand curve forward.
Geographically the Northeast saw the biggest year-over-year increase in homeownership, according to the report. That being said, the Midwest continues to outpace any other region in the country with the highest rate of homeownership touching 68.3%.
To learn more about the recent homeownership rates across the board, click on the image above.
