Immigrant and Minority Homeownership Experience: Evidence from the 2009 American Housing Survey

Using the 2009 American Housing Survey data and hazard model of homeownership and exit from homeownership, this paper finds that immigrants were worse off during the housing boom of 2000 compared to natives, both in terms of lower first homeownership and higher exit from homeownership. However, naturalized immigrants fared better than the non-naturalized immigrants. Among minorities, blacks had the lowest gain in their first homeownership during the boom and the highest loss from homeownership during the bust and the hazard of exit from homeownership was significantly higher compared to whites if the mortgage was obtained during 2001–2003. Hispanics, on the other hand, did not experience significant increase in homeownership nor did they face a higher exit from homeownership during the recent bust compared to whites. However, Hispanic immigrants were worse off in the recent housing market than Hispanic natives.