Just in time for the election season, the Clinton-Gore administration has announced that homeownership in America is at its highest level in history.

Housing Secretary Andrew Cuomo has released a survey saying that in America today, 67 percent of all families live in homes that they own - a total of about 70.5 million families.

As to be expected, the Democratic HUD secretary praised the policies of the Democratic administration for creating economic growth that has lead to increased homeownership.

"Our strong economy is unlocking the door to homeownership for millions of families," Cuomo said. "Clinton-Gore administration economic policies are making the American Dream of homeownership a reality."

In 1993, when Clinton took office, about 64 percent of American families owned their own homes. He set a goal of 67.5 percent of families owning homes by the end of his terms of office. He is currently about a half a percent from fulfilling that promise.

The current 67 percent homeownership rate tops the previous all-time quarterly record of 66.8 percent set in the third quarter of 1998. (The third quarter covers the period of July, August and September.)

Cuomo also said all the arrows are up regardless of rate or location.

According to HUD's numbers, in the third quarter of this year were 58 million white families that owned homes, 6.1 million African American families, 4.2 million Hispanic, and 2.2 million Asian American, Native American and Pacific Islander homeowners.

In all, Cuomo said, 8.7 million more families own homes today than when Clinton took office in 1993, when the homeownership rate stood at 64 percent.

The adminstration has made homeownership a cornerstone of programs dealing with everything from welfare to urban education to youth violence.

"Studies have shown that homeowners accumulate wealth as the investment in their homes grows, enjoy better living conditions, are often more involved in their communities, and have children who tend on average to do better in school and are less likely to become involved with crime," HUD says.

"Communities benefit from real estate taxes homeowners pay, and from stable neighborhoods homeowners create."

In the Northeast, 63.6 percent of families own homes; 72.1 percent of families in the Midwest; 69.3 percent of families in the South and 60.8 percent of families in the West.

According to the HUD statistics, about 50.5 percent of urban families own homes and 73.7 percent of suburban families are homeowners. The difference in rates, he said, is largely the difference between where minorities tend to live and where whites live.

"We're closing the homeownership gap dividing whites from minorities and city residents from suburbanites, but the gap remains far too wide," Cuomo said. "We're working hard to do more."

Among actions to do more, he said, was HUD's crackdown on housing discrimination, which was ordered by Clinton.

Published: November 2, 1999

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