Home-ownership in the United States

Make Chicago Home for Everyone

Retrieved on:

Friday, September 3, 2021

Articles, Mortgage industry of the United States, Economy, United States Department of Housing and Urban Development, Civil rights and liberties, Urban politics in the United States, Economy of the United States, Redlining, Institutional racism, Financial crisis of 2007–2008, Owner-occupancy, Home-ownership in the United States

CHICAGO, Sept. 3, 2021 /PRNewswire/ -- Last year, millions of Americans rediscovered the importance of home.

Key Points:

CHICAGO, Sept. 3, 2021 /PRNewswire/ -- Last year, millions of Americans rediscovered the importance of home.
Besides safe havens, their homes became makeshift offices, schools, theaters and gyms and the centers of family life like never before.
That front stoop could become the first building block toward retirement, a college education, or a new business and career.
This summer, the Chicago City Council took a first step in addressing these longstanding inequities by introducing the Lending Equity Ordinance.

Black Americans Face Bigger Financial Barriers to Homeownership Than White Americans

Retrieved on:

Tuesday, June 29, 2021

Mortgage, Housing in the United States, Money, Finance, Economy, Loans, Personal finance, Home-ownership in the United States, Subprime mortgage crisis

Here are the key takeaways:

Key Points:

Here are the key takeaways:
23% of white homeowners made no financial sacrifices to buy their first home, versus 14% of Black homeowners.
Black homeowners more likely to make financial sacrifices, earn high incomes to buy their first home
Twenty-three percent of white homeowners made no financial sacrifices to buy their first home, versus 14% of Black homeowners.
These findings suggest the financial standard for becoming a homeowner is higher for Black people than white people, making it more difficult for Black Americans to buy homes.
A recent Redfin analysis of mortgage denials supports the idea that there are higher financial hurdles for Black Americans to buy homes: Nationwide, 16% of Black Americans who apply for mortgages are rejected, compared with 7% of white Americans.

Record Home Prices and Growing Homeownership Equity Gap Create Urgent Need for New Housing Production

Retrieved on:

Thursday, May 20, 2021

Housing in the United States, Economy of the United States, Affordable housing, United States Department of Housing and Urban Development, Home-ownership in the United States, Wealth in the United States

"With a historic budget surplus, now is the time to address the racial divide in homeownership and fix California\'s severe housing shortage.

Key Points:

"With a historic budget surplus, now is the time to address the racial divide in homeownership and fix California\'s severe housing shortage.
"\nC.A.R., the California Building Industry Association (CBIA) and Habitat for Humanity California are urging the Legislature to make additional investments in this year\'s state budget that encourage new housing for homeownership.
"More than 80 percent of the families we serve through affordable homeownership at Habitat for Humanity are from communities of color.
But homeownership rates are at their lowest in California since the 1940s, and there\'s significant disparity in homeownership.

NAHREP Releases Hispanic Homeownership Rates by Congressional Districts

Retrieved on:

Wednesday, May 12, 2021

Housing, Land tenure, Owner-occupancy, Ownership, Property, Home-ownership in the United States

The NAHREP Hispanic Homeownership by Congressional District Tool uses 2019 census data, the latest congressional district level data available through the United States Census Bureau.\nExcluding districts in Puerto Rico, the highest Hispanic homeownership rates (65%+) mostly come from suburban neighborhoods in Arizona, Illinois and Texas.

Key Points:

The NAHREP Hispanic Homeownership by Congressional District Tool uses 2019 census data, the latest congressional district level data available through the United States Census Bureau.\nExcluding districts in Puerto Rico, the highest Hispanic homeownership rates (65%+) mostly come from suburban neighborhoods in Arizona, Illinois and Texas.
The lowest homeownership rates (below 30%) mostly come from urban neighborhoods in California, Massachusetts and New York.\nThe top five districts with the lowest Latino homeownership rate relative to the district\'s general homeownership rate.
The NAHREP Hispanic Homeownership by Congressional District Tool also includes each district\'s median Hispanic income and Hispanic population as a percentage of overall population.
It excludes any congressional district with a Hispanic population of less than 5%.\nUse the NAHREP Hispanic Homeownership by Congressional District Tool today on the NAHREP website.\nAbout NAHREP: The National Association of Hispanic Real Estate Professionals , a nonprofit 501(c)6 trade association, is dedicated to advancing sustainable homeownership for the Hispanic community in America.

The Change Company Partners with Netflix to Expand Black Homeownership

Retrieved on:

Monday, March 1, 2021

The Change Company, Americas Community Development Financial Institution (CDFI), announced today its partnership with Netflix to expand Black homeownership in America.

Key Points:

The Change Company, Americas Community Development Financial Institution (CDFI), announced today its partnership with Netflix to expand Black homeownership in America.
The Netflix investment in affiliates of The Change Company is focused on bringing racial equity to home lending by financing Black homeowners, fairly and responsibly.
Empowered by its partnership with Netflix, The Change Company and its home loan subsidiary also announced the launch of its Black Homeownership Initiative to lend over $1 billion to expand Black homeownership.
Strong, socially responsible capital partners are critical to The Change Companys ability to expand homeownership for minority and other underserved borrowers, Steven Sugarman, Founder of The Change Company, added.

Housing costs and homeownership in the euro area

Retrieved on:

Saturday, February 6, 2021

Housing, Land tenure, Owner-occupancy, Ownership, Mortgage loan, Real estate economics, Economy, Property, Real estate, Home-ownership in the United States, Affordable housing by country

Housing costs typically include the utility costs (water, electricity, gas and heating), maintenance, and rental or mortgage interest payments, altogether accounting for around one-fifth[1] of household income expenditure in 2019.

Key Points:

Housing costs typically include the utility costs (water, electricity, gas and heating), maintenance, and rental or mortgage interest payments, altogether accounting for around one-fifth[1] of household income expenditure in 2019.
Changes in these costs are closely linked with housing market developments, such as rental and house prices, as well as mortgage payments.
Furthermore, housing costs are dependent on structural features, which will be the focus of this box, such as the homeownership rate or certain household characteristics.
Against this background, this box examines certain data that help to frame the housing cost burden in the euro area and across types of household.
Finally, the overburden rate varies considerably across euro area countries and, in general, it appears to be lower in countries where the homeownership rate is higher (Chart C).
These developments highlight the importance of household choices and characteristics when it comes to the housing cost burden.

Chart A

Chart B

Chart C

Outright homeownership stood close to 39%, while 27% of households had a mortgage or loan (Chart D).
As for tenants, the vast majority rented at market price and less than one-third rented at a reduced price.
Starting with income, households with an income above 60% of the median (equivalised) income were predominantly homeowners and those with an income below this threshold were mainly tenants (Chart E).
Furthermore, the percentage of single households in rented accommodation was higher than for those that owned their property, while in the case of larger households the opposite was true (Chart F).
Homeowners are generally less burdened than tenants by housing costs, particularly in cases where they are mortgage-free or have a high income.
[5] Furthermore, a tax system that disproportionately favours homeownership, through interest rate deductibility and other forms of related tax incentives, can be distortive.

Chart D

Barclays Research Examines How GSE Affordability Targets Offset Income and Racial Imbalances in Homeownership

Retrieved on:

Tuesday, October 13, 2020

Finance, Banking, Professional services, Residential Building & Real Estate, Construction & Property, Articles, Economy, Distribution of wealth, Social inequality, Housing, Wealth, Economic inequality, Libertarian theory, Occupy Wall Street, Owner-occupancy, Home-ownership in the United States

The research report examines how the rise in income inequality exerts downward pressure on homeownership.

Key Points:

The research report examines how the rise in income inequality exerts downward pressure on homeownership.
While government support may have the effect of encouraging better-off households to purchase larger, more expensive houses, Barclays independent research indicates that affordability targets have acted as a buffer against widening levels of income inequality.
This has allowed the US to achieve similar levels of homeownership to other developed countries, despite higher levels of income inequality.
Affordability targets introduced by the 1992 GSE Act helped reduce the negative impact of income inequality on homeownership by between 40% and 60%, and also helped the US maintain high homeownership rates.

Millennials Prefer Value Home Investments Versus Affordability, QuoteWizard Study Finds

Retrieved on:

Wednesday, September 30, 2020

Loans, Mortgage loan, Millennials, Finance, Economy, Articles, Economy of the United States, Subprime mortgage crisis, Mortgage, Home-ownership in the United States

The biggest correlating factor QuoteWizard found to reflect millennial homeownership growth is a differential type of metric that signals the quality of home investment.

Key Points:

The biggest correlating factor QuoteWizard found to reflect millennial homeownership growth is a differential type of metric that signals the quality of home investment.
This differential of home value and mortgage balance in each state can be viewed as a value metric that shows a willingness to incur mortgage debt for a value investment in a home.
The differential in home value and mortgage balance metric showed a strong correlation in the top growing states for millennial homeownership.
Eight of the top 10 states for millennial homeownership are in the top half in median home value compared to outstanding mortgage debt, indicating that millennial homeownership is driven by value investment versus affordability.

Senate Bill Seeks To Remove Major Barrier To Black Homeownership

Retrieved on:

Wednesday, August 5, 2020

National Association of Real Estate Brokers, American society, Economy of the United States, United States, Home-ownership in the United States

The current homeownership rate for Black Americans stands at 47% compared to the 76% homeownership rate of non-Hispanic whites.

Key Points:

The current homeownership rate for Black Americans stands at 47% compared to the 76% homeownership rate of non-Hispanic whites.
NAREB has long envisioned such a savings plan and recommended that such a legislative action was critical to increasing the Black homeownership rate.
The congressional ask was embedded in NAREB's 2018 State of Housing in Black America report as one of the solutions to increase Black wealth through homeownership.
The economic health of Black Americans strengthens the entire national economy and that of the states where Black Americans reside.

Minneapolis, Milwaukee and Salt Lake City Have the Lowest Black Homeownership Rates in the U.S., With Just One-Quarter of Black Families Owning Their Home

Retrieved on:

Monday, June 29, 2020

Geography of Minnesota, Minneapolis, Minneapolis–Saint Paul, Milwaukee, United States, Home-ownership in the United States

Just 25% of Black families in Minneapolis own their home, the lowest Black homeownership rate of any metro area in the U.S. with more than 1 million residents.

Key Points:

Just 25% of Black families in Minneapolis own their home, the lowest Black homeownership rate of any metro area in the U.S. with more than 1 million residents.
It's followed by Milwaukee and Salt Lake City, where only 27% and 28% of Black families own the home they live in, respectively.
In Washington, DC, the metro with the highest Black homeownership rate, just over half of Black families (51%) own their home.
The homeownership rate for Black families has declined most in Oklahoma City, from 42% in 2012 to 36% in 2018.