Homeownership has improved tremendously in certain U.S. states for the Blacks and the Hispanics minority, compared to previous years, the United Way of the National Capital Area organization reports in a new study.
Homeownership For the Minority Groups Has Always Remained Low
Homeownership has been a significant issue for Blacks and Hispanics in recent years, despite witnessing a nationwide increase. The Blacks and the Hispanics, who form part of the minority group, have faced challenges when it comes to homeownership, and the pandemic further exacerbated the difficulty in buying new homes.
As a result of the racial divide in homeownership, some policies were put in place to bridge the homeownership gap. Fortunately, the result is gradually paying off.
Maryland Ranks Top In Minority Homeownership Rate
The organization ranked all 50 American states based on certain factors like unemployment, HUD loans applications, etc. Twenty states emerged, with Maryland top.
The unemployment rate stands at 7.15%, bigger than the 9.73% National average unemployment rate. The average family income is $70,171, higher than other states when compared. The percentage of homeownership rate is 69.6%.
The second state on the list is New Hampshire, with an average family income of $59,157. The unemployment rate remains low at 6.9%, slightly lower than the figure in Maryland. However, the homeownership rate is higher at 76.1%.
Florida ranks third with median household income for Blacks and Hispanics at $45,484. The unemployment rate stands at 10.4%, which is relatively higher than in Maryland and New Hampshire. The homeownership rate is 68.1%.
Occupying the fourth position is California, with a median family income at $55,270, higher than Florida. The unemployment rate ranks highest among the four states, as mentioned earlier, at 12%, while the total homeownership rate is 54.4%.
Colorado takes the fifth spot with an average family income of $52,803. The unemployment rate declined slightly to 9.6%, while total homeownership is 63.6%.
Other states include; Connecticut, Virginia, Alaska, Utah, Georgia, Texas, Alabama, Indiana, Delaware, Missouri, Wyoming, Maine, Arizona, Minnesota, and New Jersey.
The improved homeownership rate is a indication that the country’s drive to create equitable homeownership is not farfetched. However, stronger policies need to be enacted to continously bridge the gap.
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Published by Eric Lawrence Frazier MBA.