Homes Are Still The Cornerstone Of Americans' Wealth
June 27, 2000
Americans have made plenty of money in the booming stock market. But the equity they have in their homes still constitutes the largest part of their wealth, according to the latest annual report from Harvard University's Center for Housing Studies.
- The report shows that 59 percent of homeowners with stock holdings had more equity in their homes than in stocks in 1998.
- As of 1999, some 67 percent of Americans owned their own homes.
- More than 73 percent of whites owned their homes compared to less than 47 percent of blacks -- a gap which narrowed by 1 percentage point from 1998 to 1999.
- On the fringes of metropolitan areas, the number of jobs grew by 19 percent from 1990 to 1997 -- while in core metropolitan areas job growth was only 4 percent.
Source: Haya El Nasser, "Americans Have More Money Invested in Houses Than Stocks," USA Today, June 27, 2000.
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