The Shelterforce Blog
It’s no secret: homeownership in America is in trouble. If this crucial part of the American Dream is worth saving–and it is–it’s also no secret how to start saving it.
Bear in mind that the current housing crisis hasn’t hit all Americans equally. U.S. homeownership rates are dropping across the board, but they are dropping faster for people of color. According to the Census Bureau, from 2005 to 2011, African American homeownership rates slid from 48.2 percent to 44.9 percent. Hispanics’ and Asian/Pacific Islanders homeownership rates peaked in 2006 and slipped from 49.7 percent to 46.9 percent and from 60.8 percent to 58 percent, respectively. Non-Hispanic whites did better but still lost ground, dropping from 75.8 percent in 2006 to 73.8 percent in 2011.
A rentership society disproportionately consisting of people of color would be dangerous for our economy and society.