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:
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.
