Desire for Home Ownership Crosses Racial Lines

A new Fannie Mae study may provide insight into the future buyers of manufactured homes. Fannie Mae released the second installment of its 2010 Own-Rent Analysis finding the U.S. population is projected to grow by nearly 130 million people over the next 40 years and much of this growth will be driven by immigrants and their descendants. Moreover, all racial and ethnic groups polled, as well as immigrants, strongly aspire to own a home, despite current disparities in homeownership rates for these groups. Additionally, if personal finances improve for these groups as they continue to grow in number, the study says homeownership rate disparities may not persist. “Our study gives us reason to believe that the homeownership rates for ethnic groups and immigrants will be higher than indicated solely by the projected growth of the racial and demographic population,” said Doug Duncan, Fannie Mae Vice President and Chief Economist. However, if the desire doesn’t manifest itself in purchases, the study says overall homeownership will decrease in the U.S. by four percentage points by 2050, as immigrants and ethnic groups currently have lower homeownership rates than non-immigrants and whites.

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