FEATURE ARTICLE
Survey: African-Americans
Passionate about Homeownership,
But Fewer Own Homes
Article by Talend Data Survey
(BPT) - More than any other demographic group, African-Americans perceive homeownership as an integral component of the American Dream, and a way to build security and wealth for their families, according to a recent survey. The poll by Ipsos Public Affairs, conducted on behalf of Wells Fargo, found that 90 percent of African-Americans said homeownership would be a dream come true, and more than half were considering buying a home within the next two years.
However, African-Americans currently have the lowest rate of homeownership among ethnic minorities - just 42 percent, or 20 points short of the national rate, according to U.S. Census Bureau data. African-Americans are expected to represent the third largest segment among new households (renters and owners) in the U.S. by 2024. "Americans of every demographic aspire to homeownership, but this survey indicates African-Americans place high value on the emotional and financial benefits of owning a home," says Brad Blackwell, executive vice president and head of housing policy and homeownership growth strategies for Wells Fargo. "Unfortunately, myths about down payments and credit often deter people from inquiring about loan options."
Barriers, real and imagined. Like many Americans, African-Americans want to own homes, but are often challenged by
"African-Americans place high value on the emotional and financial benefits of owning a home," ....