Economy / Homeownership

 

Homeownership

 

The homeownership rate describes the percent of households that own their home. Owning a home, or other assets such as savings accounts, investments, and vehicles, creates financial security that can protect households from unexpected expenses and decrease their likelihood of falling into poverty.While homeownership rates do not indicate overall wealth, or even the value of homes, they do indicate ownership of a valuable asset, which could provide financial security.1

When determining homeownership rates by age and race/ethnicity, this indicator only considers the age and race/ethnicity of the householder, who is the individual who filled out the Census Bureau’s American Community Survey.

The data dashboard below shows current and recent trend data for rates of homeownership in Forsyth County.

Dashboard: Percent of Owner-Occupied Homes

Understanding Homeownership Spatially

The map below visualizes the percentage of households that are owner-occupied by census tract across Forsyth County (2012-2016).

Homeownership Rates Over Time

  • Homeownership rates in Forsyth County were stable from 2006 to 2011. This rate dropped about 4% between 2011 and 2012 and remains close to this lower rate in 2017.

Key Point: Older Residents More Likely to Own Home

  • Householders in Forsyth County are more likely to own their homes when they are older.  

Key Point: Disparities in Residents Owning Home by Race/Ethnicity

  • White, non-Hispanic householders are more likely to own their homes than African American and Hispanic/Latino householders.
  • African American and Hispanic/Latino householders have similar rates of homeownership.

 

Notes on Data

If you are interested in using data from this report for more rigorous purposes, please contact info@forsythfutures.org for a consultation on how best to proceed.

Literature References
  1. Cramer, R. & Shanks, T. (2014). The assets perspective: The rise of asset building and its impact on social policy. New York, NY: Palgrave Macmillan.
Data Sources
  1. U.S. Department of Commerce. (2018).  Tenure: Table B25003 [Data Files from ACS 1-year estimates for the years 2006-2017]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_17_1YR_B25003&prodType=table
  2. U.S. Department of Commerce. (2018).  Tenure: Table B25003 [Data Files from ACS 1-year estimates for the year 2017]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_17_1YR_B25003&prodType=table
  3. U.S. Department of Commerce. (2018).  Tenure by age of householder: [Table B25007] [Data Files from ACS 1-year estimates for the year 2017]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_17_1YR_B25007&prodType=table
  4. U.S. Department of Commerce. (2018).  Tenure (Black or African American Alone): [Table B25003B] [Data Files from ACS 1-year estimates for the year 2017]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_17_1YR_B25003B&prodType=table
  5. U.S. Department of Commerce. (2018).  Tenure (Hispanic or Latino) : [Table B25003I] [Data Files from ACS 1-year estimates for the year 2017]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_17_1YR_B25003I&prodType=table
  6. U.S. Department of Commerce. (2018).  Tenure (White, Not Hispanic): [Table B25003H] [Data Files from ACS 1-year estimates for the year 2017]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_17_1YR_B25003H&prodType=table
  7. U.S. Department of Commerce. (2017).  Tenure: Table B25003 [Data Files from ACS 5-year estimates for the years 2012-2016]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_16_5YR_B25003&prodType=table