Homeownership Rates, by Race/Ethnicity
What does this measure?
The number of owner-occupied units (not rented) as a percent of all occupied units (not vacant) for various racial and ethnic groups.
Why is this important?
Historically, members of some racial and ethnic groups have suffered discrimination in buying homes and accessing home mortgages. A home is a vital financial asset for a family and an investment in both the local neighborhood and surrounding community.
How is our county doing?
Essex County had greater racial and ethnic disparities in homeownership rates than the nation. In 2010-14, rates were 69% for white residents and 63% for Asian residents, compared to 29% for African American residents and 23% for Hispanic residents. Nationwide, homeownership was higher among African American and Hispanic residents at 43% and 46%, respectively. Essex County's rates were similar to the state's.
How do we compare to similar counties?
Essex County's disparities were higher than similar counties, including slightly higher than disparities in Middlesex, where homeownership rates were 28% among both African American and Hispanic residents.
Notes about the data
The multiyear figures are from the Census Bureau's American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. However, because the information came from a survey, the samples responding to the survey were not always large enough to produce reliable results, especially in small geographic areas. CGR has noted on data tables the estimates with relatively large margins of error. Estimates with three asterisks have the largest margins, plus or minus 50% or more of the estimate. Two asterisks mean plus or minus 35%-50%, and one asterisk means plus or minus 20%-35%. For all estimates, the confidence level is 90%, meaning there is 90% probability the true value (if the whole population were surveyed) would be within the margin of error (or confidence interval). The survey provides data on characteristics of the population that used to be collected only during the decennial census. Data for this indicator are released annually in December.