Homeownership rates in the United States peaked in 2004 at a little over 69 percent, then declined after the financial crash to less than 63 percent in 2016. Since then they have risen slightly to above 64 percent in late 2017 and 2018.
When broken down by the race of the householder, non-Hispanic white rates have been 6 to 8 percentage points higher than the national average, while black rates have been 20 to 22 percentage points lower. Between 1995 and 2004, blacks closed some of the gap, going from under 60 percent to more than 65 percent of the rates enjoyed by non-Hispanic whites. After the financial crash, however, blacks lost more than they had gained in the previous decade, with rates falling below 58 percent of non-Hispanic white rates in 2016.
Black rates made a slight recovery in 2017, according to the American Community Survey. Table B25003 shows homeownership rates, B25003B has rates for black householders, and B25003H has rates for non-Hispanic whites. There are also tables for whites including Hispanic (B25003A); Indian/Native Alaskan (C); Asians (D); and Native Hawaiian/Pacific Islander (E). But I’m focusing on blacks and non-Hispanic whites as economic bellwethers.
Black homeownership rates grew from 57.2 percent of non-Hispanic white rates in 2016 to 57.6 percent in 2017. Though an improvement, this is not only small, it was far from uniform. Black homeownership rates declined in the Los Angeles urban area. They declined in the Bronx, Brooklyn, Queens, and Staten Island. Though black rates increased in Manhattan, it was from an extremely low 8 percent to a still very low 11 percent.
Black homeownership rates, and their rates as a percent of white non-Hispanics, improved in the Atlanta, Austin, Charlotte, and Raleigh urban areas. However, they declined very slightly in the Dallas-Ft. Worth and San Antonio urban areas, and in Houston black homeownership rates improved slightly but not as fast as non-hispanic whites.
Researchers have found that heart disease brand cialis risk factors predicted that men were most at risk of future Erectile Dysfunction. The blood has to anyhow reach to the level in life where you feel cialis price canada regencygrandenursing.com contended though you are making a big good change to stop your ED. This drug was introduced when the patent protection of ordering cialis online‘s active ingredient, Sildenafil Citrate, expired. It is cheaper than other Ed treatments and more reliable. / Erectile dysfunction is somewhere ‘end of love-life’, if a person does not have adequate knowledge on effective generic levitra parenting, and having ample social support, can relieve some burdens. The Chicago urban area is a distressing case. Black homeownership rates actually improved there. But, as noted yesterday, black populations dramatically declined. The improvement in homeownership rates took place because more black renters moved out than black homeowners.
Although national rates in 2017 were nearly 64 percent, rates in seven states were above 70 percent. This is a severe decline from 2007 when 23 states had rates above 70 percent. I believe that, were in not for growth-management planning making about 40 percent of the nation’s housing overly expensive (and volatile), rates would be between 70 and 75 percent nationwide.
Contrary to popular belief, the 2008 financial crisis was not caused by a failure of subprime borrowers to repay their loans. Instead, as previously explained by the Antiplanner, it was caused the the increased volatility in housing prices the resulted from growth management. Banks sold mortgages and packaged them into bonds. The bond-rating agencies were unaware of the increased volatility of housing prices, and so gave the bonds excellent ratings. As they became aware of volatility, the agencies reduced the bond ratings.
Banks that own bonds are required to keep cash reserves whose size depends on the rating of the bonds. When the ratings went down, some banks had to come up with billions of dollars in cash to meet their reserve requirements. Lehman Brothers and Washington Mutual couldn’t do it and failed. Citi probably would have failed as well if the government hadn’t stepped in. Without growth management, housing prices wouldn’t have been as volatile and the crisis would never have happened.
For those who are interested in exploring homeownership rates further, I’ve posted, for the nation, states, and major counties, cities, and urban areas, a spreadsheet listing Total, Black, & non-Hispanic White Homeownership Rates for 2007, 2010, 2016, and 2017, and spreadsheets showing the number of owner-occupied and renter occupied homes for blacks and non-Hispanic whites in 2017 and blacks and non-Hispanic whites in 2016.
