Core Indicator: 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 (1).  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.

Dashboard: Homeownership in Forsyth County


Trend: Forsyth County and Peer Communities

Figure 1: Homeownership in Forsyth County as Compared to Peer Communities, 2006-2016

Forsyth County and Peer Communities

Figure 2: Homeownership Rate in Forsyth County as Compared to Peer Communities, 2016

Bars of lighter color indicate no significant difference compared to Forsyth County.

The homeownership rates for North Carolina and Forsyth County are not significantly  different.


Homeownership by Age

Figure 3: Homeownership Rate by Age, 2016

Homeownership by Race

Figure 4: Homeownership Rate by Race/Ethnicity, 2016

There is no significant difference between the homeownership rates of African American and Hispanic/Latino households.

Homeownership by Location

Figure 5: Homeownership Rate by Census Tract, 2011-2015

Data for individual census tracts can have high margins of error, which sometimes happens when measuring relatively small groups.  This map is intended to help identify patterns at a high level; please
contact Christopher Webb at Forsyth Futures for data on specific census tracts.

Extended Analysis:

Core Concepts

  • Households are more likely to own their homes in Forsyth County than in the majority of peer communities.
  • The homeownership rate for White, non-Hispanic households is roughly 25% higher than for other races/ethnicities.

Figure 1: Homeownership in Forsyth County as Compared to Peer Communities, 2006-2016
Figure 1 shows that homeownership rates in Forsyth County were stable from 2006 to 2011. The homeownership rate dropped about 4% between 2011 and 2012 and remains close to this lower rate in 2016.
Figure 2: Homeownership in Forsyth County as Compared to Peer Communities, 2016


Figure 2 shows that the homeownership rate in Forsyth County in 2016 is higher than in the majority of peer communities, but not North Carolina.  North Carolina and Forsyth County do not have significantly different homeownership rates.
Bars of a lighter color indicate no significant difference compared to Forsyth County.
Figure 3: Homeownership Rate by Age, 2016


As shown in Figure 3, householders in Forsyth County are more likely to own their homes when they are older. Households headed by adults 45 years and older are roughly twice as likely to own their home as those headed by adults 25 to 34 years old.
Figure 4: Homeownership Rate by Race/Ethnicity, 2016




Figure 4 shows that White, non-Hispanic householders are more likely to own their homes than African American and Hispanic/Latino householders.  African American and Hispanic/Latino households do not have significantly different homeownership rates.
Figure 5: Homeownership Rate by Census Tract, 2011-2015
Figure 5 shows that homeownership rates are lowest towards the center of the county, particularly around Highway 52 and Interstate 40.

Data for individual census tracts can have high margins of error, which sometimes happens when measuring relatively small groups.  This map is intended to help identify patterns at a high level; please contact Christopher Webb at Forsyth Futures for data on specific census tracts.

Christopher Webb, MPP
Christopher is a Data and Research Analyst with Forsyth Futures.  He performs statistical analysis and programming to support work on community issues in Forsyth County. 
He holds Masters in Public Policy from American University and a Bachelor's degree in Psychology and Business.
If you have questions or comments about the data presented in this section, please contact Christopher at Christopher@ForsythFutures.org or by phone at 336.701.1700 ext. 108.

References

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.

Tabular References


Figure 1: U.S. Department of Commerce. (2017).  Tenure: Table B25003 [Data Files from ACS 1-year estimates for the years 2006-2016]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_16_1YR_B25003&prodType=table

Figure 2: U.S. Department of Commerce. (2017).  Tenure: Table B25003 [Data Files from ACS 1-year estimates for the year 2016]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_16_1YR_B25003&prodType=table

Figure 3: U.S. Department of Commerce. (2017).  Tenure by age of householder: [Table B25007] [Data Files from ACS 1-year estimates for the year 2016]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_16_1YR_B25007&prodType=table

Figure 4a: U.S. Department of Commerce. (2017).  Tenure (Black or African American Alone): [Table B25003B] [Data Files from ACS 1-year estimates for the year 2016]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_16_1YR_B25003B&prodType=table

Figure 4b: U.S. Department of Commerce. (2017).  Tenure (Hispanic or Latino) : [Table B25003I] [Data Files from ACS 1-year estimates for the year 2016]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_16_1YR_B25003I&prodType=table

Figure 4c: U.S. Department of Commerce. (2017).  Tenure (White, Not Hispanic): [Table B25003H] [Data Files from ACS 1-year estimates for the year 2016]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_16_1YR_B25003H&prodType=table

Figure 5:  U.S. Department of Commerce. (2017).  Tenure: Table B25003 [Data Files from ACS 1-year estimates for the year 2016]. Retrieved from https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_16_1YR_B25003&prodType=table