HUD Statement on Record Homeownership Rates in 2002
Census Bureau data released on January 27, 2003 show that there
are more homeowners in America than at any time in history. The
2002 annual homeownership rate was 67.9 percent, up 0.1 percent
from the previous record posted in 2001. And, in the fourth quarter
of 2002, a new all-time national homeownership record was set at
68.3 percent, up 0.3 percent from both the third quarter of 2002
and the fourth quarter of 2001.
"Increasing homeownership, particularly among minorities, is a
priority for the Bush Administration," said HUD Secretary Mel Martinez.
"The increase in new homeowners, announced today, demonstrates that
we are moving in the right direction towards reaching our goal of
adding 5.5 million new homeowners by the end of the decade."
Homeownership also increased for minorities to a record high of
49.9 percent in 2002, an increase of 0.8 percent. Last year President
Bush announced "America's Homeownership Challenge," calling on the
housing industry to help increase minority homeownership. The result
was the Blueprint for the American Dream Partnership, an
unprecedented public-private partnership to increase minority homeownership
by helping to educate homebuyers, increase the supply of affordable
housing, offer down-payment assistance and provide flexible financing
options that help people realize the American Dream.
Last week, the Administration announced several 2004 budget proposals
aimed at increasing the production of affordable housing, combating
regulatory barriers, and helping more low-income, minority families
become homeowners. These proposals include: $113 million increase
for the Department's HOME Investment Partnerships Program,
which will boost the supply of housing that is affordable to low-income
families, as well as an additional $200 million for the American
Dream Downpayment Fund to help low- to moderate-income families
become first-time homeowners and an added $2 million for research
to help reduce regulatory barriers to affordable housing. Additionally,
HUD is requesting an additional $10 million toward housing counseling
to assist thousands more low-income individuals and families to
find and maintain homes.
HUD is the nation's housing agency committed to increasing homeownership,
particularly among minorities, creating affordable housing opportunities
for low-income Americans, and supporting the homeless, elderly,
people with disabilities and people living with AIDS. The Department
also promotes economic and community development and enforces the
nation's fair housing laws. More information about HUD and its programs
is available on the Internet.
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