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May 19, 2004

Home Ownership Drops For Families

Home ownership rates for low- and moderate-income working families with children have declined since the late 1970s, even though the overall U.S. homeownership rate has risen, according to a study released Tuesday by an affordable housing coalition.
This article cites a new report by the Center for Housing Policy that documents that all the media hype about rising home ownership disguises the fact that home ownership for families with kids is dropping, especially those in poorer families:
In 1978, 70.5 percent of families with children owned their homes. In 2001, the share was 68.4 percent. And, low- to moderate-income working families with children were hit particularly hard. In 1978, 62.5 percent of all such families owned their homes. In 2001, their homeownership rate was just 56.6 percent.
Essentially, this means that the rise in housing prices is benefitting richer folks, while leaving many poor families further behind.

Yet the Bush administration is advocating further cutting federal funds for rent subsidies for working families left behind in this housing cost crunch.

Posted by Nathan at May 19, 2004 07:59 AM