The 234 Apartment

WASHINGTON — White households nationwide continue to have a significantly higher homeownership rate than minority households, but the gap in Washington is among the smallest in the nation. A report published by Apartment List said the homeownership rate in the D.C. area is 63.7 percent for white households , compared to 43.5 percent for black households and 43.4 percent for Hispanic households. The homeownership rate in the D.C. area among Asian households is actually higher than white households , at 64.4 percent. The Asian household homeownership rate is higher than white households in a total of 14 metro areas. Based on those numbers, the overall homeownership gap between white households and minority households in Washington is 15.1 percent, the fourth-smallest in the nation. Only Miami, San Diego, and Jacksonville, Florida, have a smaller homeownership gap . Buffalo and Rochester, New York, have the largest homeownership gaps . In Buffalo, the homeownership gap is 40.5...

Regardless of education or income, white households have an advantage in achieving homeownership over other races, as reported by Apartment List. While analyzing Census data from 1980 to 2015, Apartment List found that the homeownership rate in Washington, D.C., is 63.7 percent for white households, compared to 43.5 percent for black households, 43.4 percent for Hispanic households, and 64.4 percent for Asian households. In comparison, the national average homeownership rates are 64.4 percent for white households, 54 percent for Asian households, 51.1 percent for Hispanic households, and 32.7 percent for black households. In comparison to the nation’s 50 biggest metro areas , D.C.’s 15. 1 percent average gap in homeownership across races is the fourth smallest gap . From 2000 to 2015, that gap narrowed by 6.5 percent, while on a national level , the average gap narrowed by 2.2 percent. Apartment List also ranked the District as the seventh most diverse metro area in the nation’s ...

WITH the median price of an apartment in Manhattan topping $1,000 a square foot, homeownership is often far out of reach. But there are options for those who cannot afford the market rate, including co-op apartments for buyers who earn a certain percentage of the area median income , or A.M.I. These buildings are scattered all over the city. Some date to the 1950s; others are brand-new and still looking for buyers. Some are limited to those who earn less than the median income -- 60 or 80 percent, for example (the median for a family of four in New York City is $83,000). Others have apartments for those earning a bit more than that sum. Many new developments try to bring in owners from different economic backgrounds, and are likely to include market-rate units as well. At one recent development, Atlantic Terrace, near the new Nets arena in Brooklyn, similar one-bedroom apartments were priced at $85,000, $113,000 and $232,000, depending on the buyer's income. A market-rate one-be...

IRVINE, CA—Research is showing a softening trend in apartment occupancy and rental-rate growth for the next three years, which could leave certain markets with a glut of multifamily space, Ten-X Commercial says. Their research is presented in a video available at the end of this story. The video notes that homeownership is beginning to stabilize, removing a demand tailwind. It further looks at the impact of millennials on absorption rates, and the trends on homeownership rates overall. You’ll also learn: The current conditions of New York City, Seattle and San Francisco supply pipelines ; What the trends show for vacancy rates and rent growth in those cities; How rental rates are trending nationally. Click on the video below to watch the full presentation.

Another program, run by the Urban Homesteading Assistance Board , works with the city on co-op conversions of buildings taken over from delinquent landlords. Tenants help with renovations and can eventually buy the units for low prices. About 30,000 apartments are in the program, which is administered by the city’s Department of Housing Preservation and Development. Since 2003 the city’s Housing Development Corporation has also been partnering with both for-profit and nonprofit developers to create new affordable apartments — 1,767 units in 21 buildings. The benefits of promoting homeownership in this way extend far beyond the individual owners, said Andrew Reicher, the executive director of the Urban Homesteading Assistance Board . “In the Lower East Side , in Harlem, in Bed-Stuy,” he said, “these owners stuck it out and struggled to improve their block, and improvements spread from their work. And they are not displaced when the neighborhood turns around.” Of course, the question fo...