Summary of the HUD Research Series Examining Barriers to Hispanic Homeownership and Efforts to Address

Summary of the HUD Research Series Examining Barriers to Hispanic Homeownership and Efforts to Address These Barriers IntroductionU.S. Department of Housing and Urban Development Office of Policy Development and Research Summary of HUD Research Series Examining Barriers to Hispanic Homeownership and Efforts to Address These Barriers Prepared for William J. Reeder U.S. Department of Housing and Urban DevelopmentOffice of Policy Development and Research Prepared by Abt Associates Inc.Cambridge, MA March 2006 Introduction Aided by a favorable economic climate, concerted efforts by the public and private sectors have succeeded in elevating homeownership rates to unprecedented levels in the U.S. According to 2005 Current Population Survey data, virtually every segment of the population has higher homeownership rates than a decade ago—although the gains have been largest among Hispanics. Between 1993 and the fourth quarter of 2005, ownership rates rose by 5.8 percentage points among non-Hispanic whites, 6.6 percentage points among blacks, and 10.6 percentage points among Hispanics. Yet despite these gains, sizable gaps in homeownership rates persist among Hispanics compared to non-Hispanic whites. As of the fourth quarter of 2005, 76 percent of non-Hispanic whites were homeowners, compared to 50 percent of Hispanics—a homeownership gap of 26 percentage points. Thus, despite the impressive achievements over the last decade, there is ...