Minority Homeownership Increases in 1st Qtr. of 2020
Minority Homeownership Rate Jumps in First Quarter
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.
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