Record U.S. Home Ownership

Home ownership rates have soared to 67.7 percent, the highest level in history, during the third quarter of 2000, Housing and Urban Development Secretary Andrew Cuomo said Thursday.

The rate surpasses the 67.5 percent target the Clinton Administration set in 1995. Cuomo said 71.6 million Americans own homes, a record number of them minorities, women and city dwellers.

In a statement, President Clinton hailed the new figures as "tremendous new evidence that more and more American families are realizing the dream of owning their own home."

"Higher homeownership rates help build stronger families, create more stable communities, and raise living standards for all Americans," Clinton said.

The new numbers cover July to September. They show that 48.2 percent of minorities (12.8 million) and 53 percent of women (16.6 million) own homes. Among minorities, 47.3 percent of blacks (6.1 million) and 46.7 percent of Hispanics (4.5 million) own homes.

And for the first time, more than half of all urban residents are homeowners. Cuomo said 51.9 percent (16.6 million) of city residents own homes, up from 48 percent in 1994.

About 52.2 percent of households earning less than the median family income (23 million) in the quarter owned their own homes.

Cuomo attributed the surge in home ownership to the strong economy, consumer confidence and low interest rates made possible by paying off the national debt.

"Home ownership is the building block of a strong community," Cuomo said. "It is the actualization of the American dream."

The home ownership rate in the second quarter of 2000 was 67.2 percent.

By Shannon McCaffrey