Minority homeownership at all-time high

The Associated Press
Friday July 27, 2001

WASHINGTON — The minority homeownership rate climbed to a record-high 48.8 percent in the second quarter of 2001, Housing and Urban Development Secretary Mel Martinez said Thursday. 

About 13.2 million minority families owned homes in this period, up from 47.6 percent in the same quarter last year, HUD said. 

But the rate for minorities still lagged behind the overall homeownership rate in the second quarter this year, which, at 67.7 percent, tied a high first set in the third quarter of 2000. Nationally, 72.3 million American families owned their homes. 

Martinez said the administration is committed to narrowing racial disparities. 

“Homeownership is a powerful tool in building pride in our communities,” Martinez said. “We must continue to work with our local communities to make the American Dream a reality for all who seek it.” 

Among specific minority groups, the 48.6 percent rate for non-Hispanic blacks, and the 55.2 percent rate for a category that included non-Hispanic Asians, Native Americans, and Pacific Islanders, were also highs. 

Data from the 2000 census showed a similar trend, with gains for minorities especially in states with large urban centers and established minority communities. In most states, the rate for non-Hispanic whites was higher than for minority groups. 

Watchdog groups have called for tougher monitoring of fair housing violations and predatory lending to help close the gap. 

Among other initiatives, the Bush administration has proposed $1 billion over the next five years for a fund earmarked to help 650,000 low-income families buy homes. 


On the Net: 

Department of Housing and Urban Development: http://www.hud.gov/