Industry News

Major divide in home ownership between whites, minorities

USC real estate researchers analyze data in three metropolitan areas

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A major divide in home ownership rates among minorities and whites has remained virtually unchanged from the 1990 Census to the fourth quarter of 2003, according to researchers at the University of Southern California Lusk Center for Real Estate. Lusk Center researchers conducted a three-year study, funded by the National Association of Realtors, to study home ownership trends among blacks, Latinos and whites, and to find ways to bridge the divide in home ownership rates. The rate of white home ownership reached 75.5 percent nationwide last year, while black households were at 49.4 percent and Hispanic households reached 47.7 percent, researchers said. Stuart Gabriel and Gary Painter conducted the Lusk Center study. "Racial segregation and home ownership disparities remain endemic to metropolitan housing markets. By researching the causes, we hope to find ways that public policy and financial markets can relieve the gaps in home ownership," said Gabriel, director of the Lusk Center. ...