Minority Homeownership Increases in Q3
The NAHB’s Eye on Housing is reporting that new data from the Census’ Housing Vacancies and Homeownership Survey (CPS/HVS) says minority homeownership increased in Q3 2019 to 48.3 percent, up 0.9 percentage points from the third quarter of 2018. In addition, they point out that the year-over-year gain for this indicator is higher than the gain in the overall U.S. homeownership rate, which rose 0.4 percentage points to 64.8% in the third quarter of 2019. In comparison, white homeownership grew by 0.3 percentage points to 73.4% in Q3 (from 73.1 percent in the third quarter of 2018) and has not experienced a over-year decline since the Q1 2017. Indeed….
“Lower mortgage rates (at a three-year low) and a healthy job market have helped to make homeownership more affordable. In fact, housing affordability was at a three-year high in the third quarter of 2019, according to the National Association of Home Builders’ Housing Opportunity Index (HOI). These factors are most likely contributing to the recent upticks in the overall and minority homeownership rates.”