Rochester has the second-highest gap in homeownership rates across races in the country, a new report shows.
When measuring homeownership rates in the 50 largest metro areas nationwide, Apartment List found that in Rochester 70.1 percent of white households own their homes, compared with 21.2 percent for black households, 35.6 percent for Hispanic households and 48 percent for Asian households.
Rochester’s 37.1 percent average gap in homeownership rates across races was second behind Buffalo, where the gap is 40.5 percent. In Buffalo, the white homeownership rate is 67.8 percent, while the average homeownership rate across minority races is just 27.3 percent, according to the report.
Utilizing data from the U.S. Census Bureau, Apartment List also found that Rochester is the third least diverse metro of the nation’s 50 largest metropolitan areas.
On a national level, the report found that 64.4 percent of white households are homeowners, compared with 54 percent of Asian households, 41.1 percent of Hispanic households and 32.7 percent of black households.
The data shows that gaps in homeownership rates exist regardless of educational attainment or income. Apartment List found that gaps exist in all of the nation’s largest metros, but they tend to be worst in Midwestern and Rust Belt metros with low diversity. The report also noted that homeownership gaps are generally worst for black and Hispanic households.
Apartment List noted that nationwide, as the renter population continues to grow, an outsized share of renter households are occupied by minorities. Homeownership is crucial to residential stability and wealth creation, the authors wrote. Yet, every minority race is at a double digit disadvantage in achieving homeownership when compared to white households.
Follow Velvet Spicer on Twitter: @Velvet_Spicer
(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-363-7269 or email firstname.lastname@example.org.