More Minorities Enjoying Home-Ownership

Robert Schiener

It wasn't long ago when the majority of African-Americans and Hispanics were pre-destined toward exclusion in the multi-billion dollar housing market due to economic or discrimination reasons. Because of the rapacity of capitalism and racial discrimination during the younger years of American history, several Americans could settle only for subsistence housing quality or for the mercy of a relative or neighbor. Now, some time later, the American dream of "owning a mortgage" is being extended to all Americans through non-governmental means.

As the nation's housing market continues to grow under a respectable economy, more of these minorities and immigrants are purchasing their own homes. According to Harvard's Joint Center for Housing Studies, minority households have grown to account for nearly 30% of the nation's new homeowners and in many areas are anchoring the first-time home buyer market.

This is excellent news for America and great news for American families. With 65.4% of all households owning their own home, a feeling of gratification can be extended toward the marvels a free nation can accomplish. With a 16% increase in homeownership, Hispanics, for example, are part of the economic growth which will lead this free nation into long-lasting prosperity.

Yet more importantly, this positive, socio-economic news questions the egalitarian approach to societal welfare. Because a more diverse America is exploiting the available resources and benefits, the theory of capitalism is at work for all those willing to work. By faithfully supporting this simple, yet fiercely debated concept, Republicans in Congress have emerged as leaders by engineering a healthy economy which is slowly trickling to the middle end of bread winners.

However, this support must continue in order to extend home equity to more hard-working individuals. This support must be supplemented through radical changes in the tax code in order to free a vast horizon of human and technological capital hungry for risk-taking and investment. It can be accomplished, though, as evident during the 1980s.

But until such time, America is grateful that additional segments of the population can enjoy the benefits of owning a home. In the past, minorities' great accomplishments have been nothing short of spectacular and their current leaps in the housing sector are only to be expected by Americans who have perspired the sweat of capitalism.

Eric Seymour

Robert Schiener