Nonprofit research organization Urban Institute reports that increased levels of diversity will drive homeownership over the next 20 years. Structural barriers that have concentrated homeownership in the U.S. largely to white families have lessened so that over the upcoming 20-year-period homeownership among other races will increase. However, it is important to note that this trend in homeownership will still lag behind white homeowners.
“Our projections for Texas, Georgia, California, and Minnesota — states with very different racial and ethnic compositions — show the wide range of homeownership trajectories we expect to see over the next two decades,” reads the study.
The study looked at national trends finding that Texas has the highest share of Hispanic families; Georgia has the highest share of Black families; California has the highest share of families of Asian families — along with families that are not white, Black, or Hispanic — and the second-highest share of the nation’s Hispanic households; and Minnesota has primarily white households.
“Though households in all states are becoming more racially and ethnically diverse, they are starting at different points and moving at different speeds,” reads the study. “Similarly, individual states have very different homeownership patterns. These are contained in our state fact sheets, which provide detailed information for future household formation and homeownership. The housing industry and state and federal policymakers need to be aware of these trajectories so they can prepare for and support homeowners of all races and ethnicities.”
Read the full study online at this link.
