Rapid Reaction: Q1 2018 Homeownership Rate
The seasonally adjusted Q1 2018 homeownership rate was 64.2 percent, according to the U.S. Census Bureau, unchanged from Q4 2017 and up somewhat from 63.6 percent in Q1 2017.
Market Trends
There's a serious mismatch in the U.S. housing market right now: The majority of homes available to buy aren’t the kind of homes the majority of buyers are seeking. And the limited inventory of those more sought-after homes is contributing to their more rapid appreciation.
March Existing Home Sales Key Takeaways: Inventory Green Shoots
March existing home sales increased 1.1 percent from February to 5.6 million units at a seasonally adjusted annual rate (SAAR), according to the National Association of Realtors, the second consecutive month of unexpectedly strong sales after a string of weak reports.
Black Mortgage Applicants Denied at More Than Twice the Rate of Whites
Overall denial rates for conventional mortgages have fallen for almost a decade, a sign of progress that nevertheless conceals a stark divide in the housing market: Black applicants for conventional mortgages are denied at more than twice the rate of white applicants.
Homes Sold Faster Than Ever in 2017
As demand has outpaced supply in the housing market over the past three years, buying a home has become an exercise in speed and agility. The median valued home flew off the market in just 81 days last year, which was nine days faster than the year before.
Black and White Homeownership Rate Gap Has Widened Since 1900
In 1900, the gap in the homeownership rate between black and white households was 27.6 percentage points. It's now 30.3 percentage points, the widest among whites, blacks, Hispanics and Asians – although the difference between white and Hispanic homeownership rates has more than tripled. Asians have seen the largest gains, although their homeownership rate still lags whites.
Hispanics and the Homeownership Divide
Although Hispanics say that owning a home is necessary to live the American Dream, only 45.6 percent do -- only slightly above the 40.2 percent who owned homes in 1900. Hurdles include saving down payments, establishing credit scores and finding the right mortgage.
Asians and the Homeownership Divide
Asians have been deeply affected by discriminatory housing policies from the 20th century, including redlining and restrictive racial covenants. Many Asian Americans, especially first-generation immigrants, face cultural barriers to the U.S. style of lending and home buying.
African Americans and the Homeownership Divide
The homeownership gap between blacks and whites has been the same for more than a century. Here's a look at how redlining, minority loan restrictions, government funding of white-only suburbs and other factors account for that stark reality.
Homes ‘Earn’ at Least Minimum Wage in Almost Half the Largest U.S. Cities
The rapid pace of home value appreciation over the past year may present homeowners in several large U.S. markets with an interesting dilemma: Why work a 9-to-5 slog, when you can sit back and collect substantial hourly home equity “earnings” instead?
