Report: New York State Has 2nd Largest Minority Homeownership Gap in U.S.

LongIsland.com

Hispanic and Black Americans have the lowest homeownership rates, at just 51.1% and 44.3%, respectively.

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Construction Coverage has released a new study about the minority homeownership gap in the U.S.

Homeownership stands as a cornerstone of the American dream, providing individuals and families with the opportunity to accumulate wealth and maintain relatively consistent housing costs over time. However, the realization of these benefits has not been uniform across demographic groups, particularly along racial lines. Researchers ranked metros according to the percentage point difference in homeownership rates between Whites and minorities.

These are the main takeaways from the report, highlighting some key stats for New York State:

  • Nationally, the minority homeownership gap—defined here as the difference between the White homeownership rate and the minority homeownership rate—has exceeded 20 percentage points for at least the past two decades.
  • Among the nation’s largest minority groups, Asians and Pacific Islanders have the highest rates of homeownership at 63.2%, followed by American Indian and Alaskan Natives at 58.2%.
  • Hispanic and Black Americans have the lowest homeownership rates, at just 51.1% and 44.3%, respectively.
  • Locally, this gap varies due to factors such as an area’s demographic makeup, housing costs, employment opportunities, and historical homeownership rates.
  • In New York State specifically, 36.4% of minorities are homeowners, compared to 66.5% of Whites—a gap of 30.1 percentage points.
  • Overall, New York State has the 2nd largest minority homeownership gap in the U.S.

Here is a link to the complete results of the analysis, with data on more than 250 U.S. metros and all 50 states.