Texas homeownership levels lag behind
those of other states, nation
Mortgage interest rates in the United States have remained at or near record lows during the past several years, ushering in a well-documented housing boom. The problem is that some citizens, though they would like to participate in the American Dream of homeownership, have not benefited from these favorable conditions.
According to the U.S. Census Bureau, 65.5% of Texas households owned their home in 2008, compared to 67.8% nationally. Here’s how Texas homeownership levels have compared to nationwide percentages over the past 20-plus years:
1984
1989
2004
2006
2008
U.S.
64.5%
63.9%
69%
68.8%
67.8%
Texas
62.5%
61%
65.5%
66%
65.5%
Source: Census Housing Vacancy Survey
In fact, Texas ranks only 45th out of 50 states in homeownership. It’s not surprising that Texas REALTORS® would like to see homeownership levels climb. After all, it’s in our vested interest. But the issue goes much deeper. Homeownership has many advantages for the consumer, including the ability to deduct mortgage interest and local and state property taxes from federal income taxes.
In 2004, the Texas Association of REALTORS® established the Housing Initiatives Committee, whose purpose is to:
Get more Texans into homes
Educate the 90,000 REALTORS® in Texas about affordable housing issues and ways to help first-time homebuyers
Educate homebuyers on the homebuying process, and what programs and options are available to them
Construct affordable homes
Communicate among the 89 local REALTORS® organizations in Texas and other nonprofit organizations that can help make more housing affordable
Help more Texans get into affordable housing and stay there
Rehab existing housing
Provide financing (access to capital)
Remove impediments to affordable housing on the development side
Make municipalities more accountable
Homeownership also engenders a sense of pride, promotes stable communities, and has a positive, multiplying effect on local, state, and national economies. Owning your own home is what the American Dream is all about.
