Nation Hits Record Homeownership Rate

Wednesday, February 04, 2004

The U.S. Census Bureau yesterday said the U.S. set a new record for homeownership in 2003. Some 68.3 percent of American families - 72.6 million - now own homes, surpassing the previous record of 67.9 set in 2002.

Minority homeownership also hit a record high of 50.6 percent in the fourth quarter of 2003. There are now 14.8 million minority homeowners.

The news comes on the heels of a number of Administration actions to increase homeownership.

For example, in December, the President signed the American Dream Downpayment Act into law, providing down payment and closing costs assistance to 40,000 low-income families a year.

And in January, the Department announced an FHA Zero Down Payment initiative that could generate an additional 150,000 homebuyers in its first year.

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