Magazine article Mortgage Banking

Working Families with Children Less Likely to Be Homeowners

Magazine article Mortgage Banking

Working Families with Children Less Likely to Be Homeowners

Article excerpt

Low-to-moderate-income working families with children are less likely to be homeowners now than they were in the late 1970s, according to a new study of U.S. homeownership trends over a quarter-century from the Center for Housing Policy, the research affiliate of the National Housing Conference (NHC), Washington, D.C.

The study, Locked Out: Keys to Homeownership Elude Many Working Families With Children, found that, despite expanded efforts to boost homeownership by the last three presidential administrations, the homeownership gap between white and minority working families with children in fact worsened between 1978 and 2003--specifically, the disparity widened to 26 percentage points.

"This study takes a rare look at U.S. homeownership trends over a quarter-century for an important segment of the population and finds that, contrary to what many might have expected, working families with children are less likely to be homeowners now than they were in the late 1970s," said Jeffrey Lubell, executive director of the Center for Housing Policy.

The study--which was based on the U.S. Census Bureau's American Housing Survey (AHS) data for 1978, 1991, 1999, 2001 and 2003, the most recent dates for which comprehensive data are available--defined low-to-moderate-income working families with children as those families that earn at least the equivalent of the full-time minimum wage of $10,712 annually, up to 120 percent of local area median income. …

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