Denver’s black homeownership rates below national average
Across the country, only 43 percent of black households own their residence, the report says. In Denver, that number is even lower.
In 2013, the net worth of white households was roughly 13 times that of black households, according to a new report from the Pew Research Center. Part of the reason, they say, is differences in homeownership rates.
Across the country, only 43 percent of black households own their residence, the report says. In Denver, that number is even lower: about 38.2 percent, according to the most recent and reliable Census data.
Some Denver neighborhoods buck that trend, though. Northeast Park Hill has about 54 percent black homeowners, according to the Piton Foundation’s calculations. Skyland is the next closest with 48.16 percent black homeownership.
Here’s a twist for you: While Pew finds that white homeownership rates are at 72 percent, in Denver, that figure is only about 55 percent.
Denver hews closest to Pew’s trends when it comes to Hispanic homeownership. Nationally, 45 percent of Hispanic people own their home. In Denver, it’s about 41 percent.
And in some neighborhoods, Hispanic homeownership is even higher. In the Westwood neighborhood, over 70 percent of Hispanic households own their home, according to the Piton Foundation. Four other neighborhoods — Elyria Swansea, Valverde, Sun Valley and Villa Park — have Hispanic homeownership rates over 60 percent.
You may be noticing that none of these groups rise to the expected level of homeownership. As one last point of context, it’s worth pointing out here that rates of urban homeownership are generally below those in rural areas.