Minority Ownership

Homeownership is at an all-time high in the United States, but racial gaps are still broad, according to recently released 2005 U.S. Census Bureau data.

Three-fourths of white households owned homes in 2005, compared with 46 percent of African-American households and 48 percent of Hispanic households, the American Community Survey data show.

Experts point to homeownership as part of the answer to the persistent racial disparities in the United States.

Homeownership creates wealth, which enables families to live in good neighborhoods with good schools. It also helps families finance college, which leads to better-paying jobs, perpetuating the cycle, says Lance Freeman, assistant professor of urban planning at Columbia University and author of There Goes the 'Hood.

Homeownership grew among white middle-class families after World War II when access to credit and government programs made buying houses affordable. African-American families were largely left out because of discrimination, and the effects are still being felt today, Freeman says.

Source: The Associated Press (11/14/06)

© Copyright 2006 INFORMATION, INC. Bethesda, MD

Posted by Donald Urschalitz P.A. at November 27, 2006 02:54 PM