{"id":1268,"date":"2017-02-24T00:00:00","date_gmt":"2017-02-24T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/what-happened-to-black-homeownership\/"},"modified":"2022-03-03T16:28:40","modified_gmt":"2022-03-03T16:28:40","slug":"what-happened-to-black-homeownership","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/what-happened-to-black-homeownership\/","title":{"rendered":"What Happened to Black Homeownership?"},"content":{"rendered":"

\"Block<\/p>\n

The Changing Face of Homeownership. Black homeownership has fallen to levels not seen since the 1960s.<\/span><\/h2>\n
\n

<\/p>\n

Black homeownership has fallen to levels not seen since the 1960s, shows a new analysis by The Urban Institute. Many demographic groups faced a decline in homeownership during the housing<\/a> crisis, but blacks appear to have been the hardest hit.<\/p>\n

In the three decades after the Fair Housing Act passed, black homeownership<\/strong> increased by nearly 6 percentage points, reaching 47.3 percent. However, from 2000 to 2015, the rate of black homeownership dropped to 41.2 percent, according to The Urban Institute\u2019s recent research blog post. White and Hispanic homeownership also fell from 2000 to 2015, but by much less; homeownership for Asian Americans rose, on the other hand, in that time period.<\/p>\n

Black home buyers purchased homes at the peak of the housing market at higher rates than whites and Asians, the report notes. Many blacks purchased homes using subprime loans<\/a>, even though they were qualified for prime loans.<\/p>\n

The biggest bulk of declines in black homeownership has occurred among younger age groups, those who are 35 to 44 years old. That age group saw a decline of 45 percent in 1990 to 33 percent in 2015, which is just half the level for whites of the same age. Further, among 55- to 64-year-olds homeownership has dropped 8.1 percent among blacks, the report shows.<\/p>\n

The Urban Institute calls for reforms in providing more affordable housing<\/a>, fair credit scoring, and greater access to homeownership to help avoid any further declines in black homeownership.<\/p>\n

\u201cThe prospects for black homeownership<\/strong> have gone from hopeful to pessimistic in only 15 years,\u201d The Urban Institute notes. \u201cUnless this setback to black homeownership is addressed, black families will rent for more years before homeownership than they did a few years ago. This will shrink the landscape of housing choice available to black families, increase their exposure to displacement, and delay or close off a key wealth-building mechanism. All three of these outcomes will widen the inequality that underlies so many current struggles.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Changing Face of Homeownership. Black homeownership has fallen to levels not seen since the 1960s. … What Happened to Black Homeownership?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1269,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,518,5366,5367,1403,15239,12908,543,3051,627,127,344,604,1007,41,15309],"class_list":["post-1268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-america","tag-black-homeownership","tag-block-homeownership","tag-buy","tag-chase","tag-home","tag-home-buying-guide","tag-homeowner","tag-homeowners","tag-homes","tag-housing","tag-loans","tag-owners","tag-property","tag-ups"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/ZWSveZHVPS8","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":31792,"url":"https:\/\/amazingproperty.com.ng\/blog\/black-homeownership-remains-disparately-low\/","url_meta":{"origin":1268,"position":0},"title":"Black Homeownership Remains Disparately Low","author":"Amazing Property","date":"March 1, 2022","format":false,"excerpt":"\u00a0 Black homeownership continues to lag and has fallen to a lower level than it was a decade ago. The U.S. homeownership rate has posted its highest annual rise on record, reaching 65.5% in 2020, 1.3 percentage points over the year before. Hispanic homeownership soared to a record high and\u2026","rel":"","context":"In "Property owner"","block_context":{"text":"Property owner","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/property-owner\/"},"img":{"alt_text":"Black homeownership","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/03\/b4279ecd3c95b212680af28f57c5155a-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/03\/b4279ecd3c95b212680af28f57c5155a-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/03\/b4279ecd3c95b212680af28f57c5155a-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/03\/b4279ecd3c95b212680af28f57c5155a-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/03\/b4279ecd3c95b212680af28f57c5155a-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":2936,"url":"https:\/\/amazingproperty.com.ng\/blog\/clarity-on-asian-american-homeownership\/","url_meta":{"origin":1268,"position":1},"title":"Clarity on Asian-American Homeownership","author":"Amazing Property","date":"April 3, 2017","format":false,"excerpt":"Homeownership rate of Asian-Americans and Pacific Islanders grows rapidly in the U.S. The homeownership rate of Asian-Americans and Pacific Islanders was 55.6 percent in 2016, possibly the first accurate data in the U.S. of this rapidly growing segment of the population. It lags behind the national homeownership rate of 63.5\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":663,"url":"https:\/\/amazingproperty.com.ng\/blog\/is-this-the-new-normal-for-homeownership\/","url_meta":{"origin":1268,"position":2},"title":"Is This the New Normal for Homeownership?","author":"Amazing Property","date":"February 7, 2017","format":false,"excerpt":"The homeownership rate is on the decline again. The latest numbers reflecting the fourth quarter of 2016 show the homeownership rate fell from 63.8 percent a year earlier to 63.7 percent, the Census Bureau reported. While the drop may seem slight, it reflects an overall trend for homeownership in the\u2026","rel":"","context":"In "Property owner"","block_context":{"text":"Property owner","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/property-owner\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3302,"url":"https:\/\/amazingproperty.com.ng\/blog\/immigrants-key-to-homeownership-growth\/","url_meta":{"origin":1268,"position":3},"title":"Immigrants Key to Homeownership Growth","author":"Amazing Property","date":"April 12, 2017","format":false,"excerpt":"Foreign-born residents will have a \"significant impact\" on the housing market according to \"Housing in America: Immigrants and Housing Demand,\" released by the Urban Land Institute's Terwilliger Center for Housing. The report also notes that if the current levels aren't sustained, the industry could suffer. One sales coach asks: What\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3958,"url":"https:\/\/amazingproperty.com.ng\/blog\/is-the-homeownership-rate-finally-stabilizing\/","url_meta":{"origin":1268,"position":4},"title":"Is the Homeownership Rate Finally Stabilizing?","author":"Amazing Property","date":"April 28, 2017","format":false,"excerpt":"Is This the New Normal for Homeownership? The U.S. homeownership rate was 63.6 percent in the first quarter of 2017, barely budging from last quarter\u2019s reading of 63.7 percent, the U.S. Census Bureau reports. Read more: Is This the New Normal for Houseownership? After reaching a cycle low of 62.9\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":647,"url":"https:\/\/amazingproperty.com.ng\/blog\/hispanic-homeownership-defies-national-trend\/","url_meta":{"origin":1268,"position":5},"title":"Hispanic Homeownership Defies National Trend","author":"Amazing Property","date":"February 6, 2017","format":false,"excerpt":"[ad_1] The Hispanic demographic was the only ethnic demographic with an increase in the homeownership rate in 2016. The Hispanic homeownership rate rose from 45.6 percent in 2015 to 46 percent last year, according to the National Association of Hispanic Real Estate Professionals. Read more: Building a Bilingual Agency Further,\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=1268"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/1269"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=1268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=1268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=1268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}