Asian Homeownership Hit the Most in 2008

September 22, 2009 No Comments »

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More census data, digested by the AP.

Apparently Asian homeownership took the biggest hit in 2008, mainly because most live in the hard-hit state of California.

The decline was seen as a surprise because Asians “tend to earn more than other minority groups and have less debt.”

However, one of three Asian homeowners lives in the Golden State, where home prices have declined precipitously and foreclosures have skyrocketed.

As a result, homeownership for Asians fell 1.24 percent to 59.4 percent last year despite a median annual household income of just over $70,000, higher than any other racial group.

The U.S. homeownership rate as a whole slipped to its lowest point in six years in 2008, at just 66.6 percent; it peaked at 67.3 percent in 2006, just before things went very, very wrong.

Whites suffered the smallest decline in homeownership, down just 0.4 percent to 73.4 percent.

Hispanics and Blacks experienced fairly similar declines in homeownership, at -0.88 percent and -0.80 percent, respectively.

The homeownership rate was 49.1 percent for Hispanics and 45.6 percent for Blacks; the number of Hispanic homeowners actually rose, thanks to immigration trends and higher birth rates.

Black and White households saw greater declines than Asian households, but only because Asians represent just 3.3 percent of all U.S. homeowners.

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