Columbus Ranks 8th Worst Large City For Minority Homeownership Rates
A new study on home equity ranked the largest US cities by minority homeownership rates, and Columbus placed toward the bottom of the list. With a minority homeownership rate of just 32.3 percent, Columbus scored 8th worst on that list.
“Despite some improvement, low rates of homeownership among minority households is both a result of and a cause of continued wealth inequality, which has only grown worse over the past several decades,” stated Michael Stromberg, writer at Construction Coverage, which published the results of the study. “The COVID-19 pandemic has had a disproportionate impact on lower-income households, and new research suggests that the pandemic is further widening existing housing disparities.”
The only cities to score lower than Columbus on the large cities list were Minneapolis, Boston, New York, Miami, Milwaukee, Los Angeles and Long Beach, California. On the flip side, the large cities with the highest levels of minority homeownership also have higher levels of minority populations. El Paso, Texas — a city where 83% of the population is Hispanic — was #1 on the list with the highest minority homeownership rate at 58.5%. Other best cities on the list included Albuquerque, Bakersfield, San Jose and Fort Worth.
Cincinnati, which fell into the “midsize cities” category ranked #4 worst with a lower minority homeownership rate than Columbus — a mere 25 percent.
To view the full report and its findings, visit constructioncoverage.com.