Demographic Profile and Factors of Homeownership Disparity in the United States

• Activity Number: 28 - SPEED: Statistical Computing and Statistics in Genomics Part 1
• Type: Contributed
• Date/Time: Sunday, August 7, 2022 : 2:00 PM to 3:50 PM
• Sponsor: Section on Statistical Computing
• Author(s): Rachel Richardson* and David Degnan and Anastasiya Prymolenna and Natalie Winans and Lisa Bramer
• Companies: Pacific Northwest National Laboratory - Battelle and Pacific Northwest National Laboratory - Battelle and Pacific Northwest National Laboratory - Battelle and Pacific Northwest National Laboratory - Battelle and Pacific Northwest National Laboratory - Battelle
• Keywords: Economics; Disparity; USA; Equity; Pandemic

Abstract

Historically, homeownership has been used as an indicator of financial security when considering socioeconomic status. Homeownership is still impacted by discrimination towards minority populations. Job availability, commute times, and many other factors contribute to unequal distribution of wealth and power in the economy. In addition, during the recent pandemic, a nationwide surge in home prices have further exacerbated these inequities. Policymakers are best suited to systematically rectify these disparities with a better understanding of the factors affecting homeownership. Publicly available surveys, including the American Community Survey and U.S. Census, have provided a wealth of information at our disposal to paint a picture of the American public, including job availability, commute time, education, homeownership, population migration, and cost of living data. Here, we describe the profile of Americans in need and factors of interest to guide policymakers in remedying homeownership inequity across the nation.