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Victor Whitman is chief reporter at Scotsman Guide Media.
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Minority homeownership rates continue to lag
significantly behind the national average. The homeownership rate for African-Americans was 42.1 percent
as of year-end 2017, the lowest of the major ethnic
groups. That was well below the national average of
64.2 percent at year-end 2017, according to U. S. Census
Bureau data. The homeownership rate for white households, by contrast, stood at 72. 7 percent at the end of
this past fourth quarter.
“The ability to build more homes is
strongly related to the size of the
construction labor force. It’s hard to
build homes without homebuilders.”
Chief economist, First American Corp.
Acting director, Consumer Financial Protection Bureau
“On regulation, it seems that the people
we regulate should have the right to
know what the rules are before being
charged with breaking them.”
San Jose tops list
of most expensive cities
Tight inventories and strong demand have
pushed up home prices in most areas of the
country, but in some cities prices have exploded,
the National Association of Realtors reported.
The nation’s most expensive housing market as
of year-end 2017 was the San Jose, California,
metro area, where the median existing single-family home price was $1.27 million.
Source: U.S. Census Bureau
White Hispanic Black National
Source: National Association of Realtors
Homeownership Rates by Race
as of Year-End 2017
America’s Five Most Expensive Cities for Homebuyers*
*Based on median existing-home sales prices as of Q4 2017
Editorial credit: James Kirkikis / Shutterstock.com