55% Indian-Americans own house in US: Homeownership report

Though Indian-Americans have the distinction of being the highest-per capita income group among ethnic communities, they lag far behind their European counterparts when it comes to owning a house in the US.

According to the 'Homeownership Among the Foreign-Born Population: 2011', released by the Census Bureau, 55 per cent of the Indian-Americans own a house of their own while 45 live in rented accommodation.

Foreign-born owned households with a householder from Europe were the most likely to be owned free and clear (40 per cent), while foreign-born owned households with a householder from Africa were the least likely to be owned free and clear (14 per cent), it said.

Of the 20 country-of-birth groups with the largest number of foreign-born households in the US, several countries from Europe along with Canada had the highest homeownership rates.

Over 70 per cent of foreign-born households with a householder from Canada (71 per cent), Germany (72 per cent), Italy (79 per cent), and the United Kingdom (73 per cent) were owner occupied.

By comparison, less than one-third of the foreign-born households with a householder born in the Dominican Republic (25 per cent), Guatemala (30 per cent), and Honduras (31 per cent), were owner occupied. Italy and Germany were also among the country-of-birth groups with the highest percentage of owned homes that were owned free and clear.

About half of foreign-born households that were owned and had householders from Italy and Germany owned their homes free and clear (55 per cent and 51 per cent, respectively).

"Home ownership is a goal shared by many residents of the United States, both native- and foreign-born, citizen and non-citizen," said Elizabeth Grieco, chief of the Foreign-Born Population Branch at the Census Bureau.

"For immigrants in particular - who maintain nearly one in seven households in the US - making the transition from renter to homeowner represents a significant investment in the United States," Grieco said.

... contd.

Please read our terms of use before posting comments
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
comments powered by Disqus