Table 5-10: Effect of Different Down Payment Subsidies on Affordability Status of Black and Hispanic Origin Families and Unrelated Individuals for a Modestly Priced Home, by Current Tenure and Type of Financing: United States, 1993 (Numbers in thousands. Data may not add to total due to rounding) ---------------------------------------------------------------------------------------------------------------------------- | Cannot afford modestly priced home in area | |-------------------------------------------------------------------------------------------| | Black | Hispanic 1 | |--------------------------------------------|----------------------------------------------| | Total | Unrelated | Total | Unrelated | | Families | Individuals | Families | Individuals | |----------------------|---------------------|---------------------|------------------------| Amount of down payment subsidy | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|----------|----------|-----------|------------| USING CONVENTIONAL, FIXED-RATE,| | | | | | | | | 30-YEAR FINANCING | | | | | | | | | | | | | | | | | | Total | | | | | | | | | No down payment subsidy........| 6,275 | 71.5 | 3,469 | 80.4 | 4,533 | 71.5 | 2,232 | 88.4 | $1,000 subsidy.................| 6,200 | 70.6 | 3,426 | 79.4 | 4,503 | 71.0 | 2,206 | 87.4 | $2,500 subsidy.................| 6,066 | 69.1 | 3,346 | 77.6 | 4,421 | 69.7 | 2,163 | 85.7 | $5,000 subsidy.................| 5,236 | 59.7 | 2,917 | 67.6 | 4,011 | 63.2 | 1,982 | 78.5 | $7,500 subsidy.................| 4,783 | 54.5 | 2,709 | 62.8 | 3,684 | 58.1 | 1,877 | 74.4 | $10,000 subsidy................| 4,507 | 51.4 | 2,605 | 60.4 | 3,503 | 55.2 | 1,829 | 72.5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | No down payment subsidy........| 1,879 | 44.4 | 764 | 49.9 | 1,246 | 42.8 | 432 | 64.0 | $1,000 subsidy.................| 1,838 | 43.4 | 734 | 47.9 | 1,235 | 42.4 | 420 | 62.1 | $2,500 subsidy.................| 1,764 | 41.7 | 695 | 45.4 | 1,189 | 40.8 | 397 | 58.7 | $5,000 subsidy.................| 1,561 | 36.9 | 583 | 38.0 | 1,107 | 38.0 | 351 | 51.8 | $7,500 subsidy.................| 1,411 | 33.3 | 537 | 35.0 | 986 | 33.9 | 341 | 50.5 | $10,000 subsidy................| 1,276 | 30.2 | 504 | 32.8 | 937 | 32.2 | 333 | 49.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | No down payment subsidy........| 4,396 | 96.7 | 2,705 | 97.3 | 3,287 | 95.9 | 1,800 | 97.4 | $1,000 subsidy.................| 4,361 | 96.0 | 2,691 | 96.8 | 3,269 | 95.3 | 1,787 | 96.7 | $2,500 subsidy.................| 4,303 | 94.7 | 2,651 | 95.3 | 3,232 | 94.2 | 1,767 | 95.6 | $5,000 subsidy.................| 3,675 | 80.9 | 2,334 | 83.9 | 2,904 | 84.7 | 1,632 | 88.3 | $7,500 subsidy.................| 3,372 | 74.2 | 2,172 | 78.1 | 2,698 | 78.7 | 1,536 | 83.1 | $10,000 subsidy................| 3,231 | 71.1 | 2,102 | 75.6 | 2,566 | 74.8 | 1,496 | 81.0 | | | | | | | | | | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 1 Persons of Hispanic origin may be of any race Table 5-10: Effect of Different Down Payment Subsidies on Affordability Status of Black and Hispanic Origin Families and Unrelated Individuals for a Modestly Priced Home, by Current Tenure and Type of Financing: United States, 1993 - Continued (Numbers in thousands. Data may not add to total due to rounding) ---------------------------------------------------------------------------------------------------------------------------- | Cannot afford modestly priced home in area | |-------------------------------------------------------------------------------------------| | Black | Hispanic 1 | |--------------------------------------------|----------------------------------------------| | Total | Unrelated | Total | Unrelated | | Families | Individuals | Families | Individuals | |----------------------|---------------------|---------------------|------------------------| Amount of down payment subsidy | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|----------|----------|-----------|------------| USING FHA, FIXED-RATE, 30-YEAR | | | | | | | | | FINANCING | | | | | | | | | | | | | | | | | | Total | | | | | | | | | No down payment subsidy........| 6,126 | 69.8 | 3,413 | 79.1 | 4,480 | 70.6 | 2,213 | 87.7 | $1,000 subsidy.................| 6,058 | 69.0 | 3,370 | 78.1 | 4,421 | 69.7 | 2,184 | 86.5 | $2,500 subsidy.................| 5,818 | 66.3 | 3,294 | 76.4 | 4,293 | 67.7 | 2,144 | 85.0 | $5,000 subsidy.................| 4,836 | 55.1 | 2,833 | 65.7 | 3,748 | 59.1 | 1,988 | 78.8 | $7,500 subsidy.................| 4,564 | 52.0 | 2,673 | 62.0 | 3,501 | 55.2 | 1,890 | 74.9 | $10,000 subsidy................| 4,350 | 49.6 | 2,644 | 61.3 | 3,360 | 53.0 | 1,827 | 72.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | No down payment subsidy........| 1,798 | 42.5 | 735 | 48.0 | 1,219 | 41.9 | 425 | 62.9 | $1,000 subsidy.................| 1,764 | 41.7 | 716 | 46.7 | 1,192 | 40.9 | 402 | 59.4 | $2,500 subsidy.................| 1,662 | 39.3 | 690 | 45.0 | 1,152 | 39.6 | 397 | 58.7 | $5,000 subsidy.................| 1,351 | 31.9 | 570 | 37.2 | 988 | 33.9 | 367 | 54.3 | $7,500 subsidy.................| 1,243 | 29.4 | 520 | 33.9 | 893 | 30.7 | 337 | 49.9 | $10,000 subsidy................| 1,171 | 27.7 | 510 | 33.3 | 837 | 28.7 | 321 | 47.5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | No down payment subsidy........| 4,329 | 95.3 | 2,678 | 96.3 | 3,261 | 95.1 | 1,788 | 96.8 | $1,000 subsidy.................| 4,294 | 94.5 | 2,654 | 95.4 | 3,230 | 94.2 | 1,782 | 96.4 | $2,500 subsidy.................| 4,156 | 91.4 | 2,604 | 93.6 | 3,141 | 91.6 | 1,748 | 94.6 | $5,000 subsidy.................| 3,485 | 76.7 | 2,263 | 81.4 | 2,760 | 80.5 | 1,621 | 87.7 | $7,500 subsidy.................| 3,321 | 73.1 | 2,152 | 77.4 | 2,608 | 76.0 | 1,553 | 84.0 | $10,000 subsidy................| 3,179 | 69.9 | 2,134 | 76.7 | 2,523 | 73.6 | 1,506 | 81.5 | | | | | | | | | | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 1 Persons of Hispanic origin may be of any race