Where Do We Live - Housing Trends: Home Ownership, Yes And No

In this last panel on housing trends, we take a look at one important element of the "American Dream" — owning your own home. The dream is far from dead. The percent of households that own their own homes has been increasing at a relentless but slow rate. In 1985, 63.9% of all households owned their own home; this value had increased to 64.7% ten years later and reached 67.4% in 2000.

Significant populations in the United States, however, still lag the overall pattern — as shown in the graphic. It shows that more African American households rent their dwelling (53.5%) than own it. The same is true of the smaller Hispanic population, where the rental rate is 54.8%. The highest homeownership rate is exhibited by those classified as elderly (65 years of age or older). Surprisingly, 44% of all households classified in 1999 as living below the poverty line owned their own home. It can only happen in America. Poverty households were 14.3 million of a total of 102.8 million in 1999.

In 1999, blacks and Hispanics accounted for nearly 35% of total renters, whites and other groups for 65%. Black and Hispanic households that year were 21.4% of total households.

Source: U.S. Bureau of the Census. Statistical Abstract of the United States, 2001. 121^st ed., Washington, DC: U.S. Government Printing Office, 2001. Table 961, p. 609. Data are drawn from U.S. Bureau of the Census. Current Housing Reports.