Homeowner Rates Rose Faster for Minorities

Homeownership rates rose faster among African-Americans and Latinos in the 1990s than among whites in two age groups associated with first-time homebuying, according to research released by the Fannie Mae Foundation.The rates for blacks and Latinos in the 25- to 34-year-old age group increased 4.0 percentage points in the 1990s, compared with 1.9 points for whites in the same age group, the foundation reported. For those in the 35- to 44-year-old age group, homeownership rates rose 3.2 points for Latinos, 1.5 points for blacks, and 1.4 points for whites. "While previous analysis has noted a reversal in the national homeownership trend among younger adults during the 1990s, this important study highlights the rate of growth among younger minority homebuyers, who experienced the most severe homeownership declines during the 1980s," said Stacey D. Stewart, president and chief executive officer of the Fannie Mae Foundation. "What's critical to remember, though, is that even with these significant gains, the rate of homeownership among African-Americans and Latinos, in the age groups most associated with first-time homebuying, trails that of whites in the same age category by at least 20 percentage points." The research was conducted for the foundation by the University of Southern California. The foundation can be found online at http://www.fanniemaefoundation.org.