Home Ownership Increases Among Minority Groups

As the nation’s housing market continues to grow under a strong economy, there’s a trend emerging: More members of minorities and more immigrants are buying their own homes.

Minority households now account for nearly 30 percent of the nation’s new homeowners and in many areas are anchoring the first-time homebuyer market, according to an annual Harvard University housing study.

“What many forecasters have failed to recognize is the emergence of this important minority homebuying market,” said William Apgar, executive director of Harvard’s Joint Center for Housing Studies.

But at the same time, as the government restructures welfare and housing assistance programs, conditions are worsening for low-income families unable to buy into the market.

Drawn by their search for better-quality schools and services, city residents continue to migrate to suburbs, leaving low-income renters who cannot afford to buy, says the study to be released today.