Minority Homeownership Increases in 1st Qtr. of 2020

According to data recently released by the U.S. Census Bureau’s Housing Vacancies and Homeownership Survey (CPS/HVS) the minority homeownership rated for the first quarter of 2020 increased to 49.3%, an increase of 2.2% points from the first quarter of 2019. This is the highest level since the first quarter of 2010, when it was 49.5%. The year-over-year gain in the minority homeownership rate is double the gain in the overall U.S. homeownership rate, which rose 1.1% point to 65.3% in the first quarter of 2020. Low mortgage rates and an excellent job market in the first two months of the year boosted homeownership rates. The COVID-19 virus pandemic, however, has created uncertainty that will impact the housing market and consequently, homeownership rates in the coming months.