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People of all ethnicities aspire to own a home

The desire to move into a new home was strong in all races and regions in the country.

The desire to move into a new home was strong in all races and regions in the country.

Fannie Mae recently released its 2010 Own-Rent Analysis, specifically gauging renting and owning behavior by race, ethnicity and immigration status, which indicated all racial and ethnic groups in the U.S. have a strong desire to own a home.

The research showed that projected the overall homeownership rate would see a steady decline until 2050 if the rates for racial and ethnic groups remain at their current 2009 levels. However, one economist believes these groups will own more homes than projected. Fannie Mae vice president and chief economist Doug Duncan says, "Our study gives us reason to believe that the homeownership rates for ethnic groups and immigrants will be higher than indicated solely by the projected growth of the racial and demographic population."

Despite the struggling housing market, geographic data taken from a survey of residents from Cleveland, Phoenix and Seattle found that residents in all three cities projected a positive attitude toward the financial and lifestyle benefits of owning a home.

The value of owning a home is even larger in come cities. A recent Trulia Rent vs. Buy Index showed that it is much less expensive to own a home than rent one in cities such as Arlington, Texas; Fresno, California, and Miami, Florida.