While native-born Americans and many immigrant groups fared poorly during the housing downturn, Chinese-born homeowners emerged relatively unscathed, according to a report released today by Fannie Mae’s Economic and Strategic Research Group.
The U.S. homeownership rate for Chinese immigrants remained steady at 60.3 percent between 2007 and 2011, the report said. Meanwhile, the rate for native-born Americans fell from 69.2 percent to 66.7 percent during that time. Homeownership rates among Mexican, Salvadoran, Asian Indian and Filipino immigrants also declined. Overall, the homeownership rate among foreign-born Americans dropped from 54.4 percent in 2007 to 51.5 percent in 2011.
Chinese immigrants’ home values also remained stable during the downturn, rising a slight 1 percent to a median $425,600. At the same time, home values for every other group examined in the report fell with Salvadorans, Mexicans and Filipinos hit particularly hard by 47.6 percent, 36.3 percent and 33.5 percent declines, respectively. The median home value for native-born homeowners decreased 8.2 percent, compared with 25.6 percent among the foreign-born.
Source: Fannie Mae
