By Jonathan House
The homeownership rate for most immigrants fell during the U.S. housing downturn alongside native-born Americans. But one group ? Chinese immigrants ? emerged unscathed.
About 60.3% of Chinese immigrants lived in their own homes in 2011, virtually unchanged from four years earlier, according to data collected by Fannie Mae. The median home value for a Chinese-born owner was $425,600 in 2011, also largely unchanged from four years earlier.
In a report released Wednesday, Fannie Mae economist Michael Cevarr analyzed the five largest immigrant groups, representing almost half the foreign-born population in the U.S.? That overall grouping?Mexican, Chinese, Indian, Filipino and Salvadoran immigrants?saw its median home value fall by 26% during the massive upheaval in the U.S. housing market across those years. Its homeownership rate fell by 2.9 percentage points to 51.5% over the same time period.
Native-born Americans (anyone who was a U.S. citizen or U.S national at birth) saw their median home value fall by 8.2% and their home ownership rate fall by 2.5 percentage points to 66.7%.
Salvadorans and Mexicans suffered the most fallout from the crash in house prices. Their home values declined by a third to a half.
In an attempt to explain these results, Fannie Mae noted that Filipino, Indian and Chinese immigrants have higher levels of education and income than those of other immigrants and of native-born Americans. Filipino immigrants topped income ranking, with a $78,661 median household income, compared to $58,710 for the Chinese and $51,147 for native-born Americans.
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