Table 5-7: Effect of Changes in Interest Rates on Affordability Status of Black and Hispanic Origin Families and Unrelated Individuals for a Median-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 median-priced home in area | |-------------------------------------------------------------------------------------------| | Black | Hispanic 1 | |--------------------------------------------|----------------------------------------------| | Total | Unrelated | Total | Unrelated | | Families | Individuals | Families | Individuals | |----------------------|---------------------|------------------------|---------------------| Change in interest rate | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|-----------|------------|----------|----------| USING CONVENTIONAL, FIXED-RATE,| | | | | | | | | 30-YEAR FINANCING | | | | | | | | | | | | | | | | | | Total | | | | | | | | | Rate 3.0 percent lower.........| 6,653 | 75.8 | 3,663 | 84.9 | 4,830 | 76.2 | 2,291 | 90.8 | Rate 2.0 percent lower.........| 6,729 | 76.7 | 3,696 | 85.7 | 4,893 | 77.2 | 2,306 | 91.4 | Rate 1.0 percent lower.........| 6,792 | 77.4 | 3,713 | 86.1 | 4,965 | 78.3 | 2,325 | 92.1 | Rate 0.5 percent lower.........| 6,827 | 77.8 | 3,718 | 86.2 | 4,983 | 78.6 | 2,336 | 92.5 | Current rate...................| 6,843 | 78.0 | 3,726 | 86.4 | 5,000 | 78.8 | 2,343 | 92.8 | Rate 0.5 percent higher........| 6,889 | 78.5 | 3,738 | 86.6 | 5,016 | 79.1 | 2,348 | 93.0 | Rate 1.0 percent higher........| 6,945 | 79.1 | 3,752 | 87.0 | 5,055 | 79.7 | 2,348 | 93.0 | Rate 2.0 percent higher........| 7,034 | 80.1 | 3,783 | 87.7 | 5,127 | 80.8 | 2,371 | 93.9 | Rate 3.0 percent higher........| 7,099 | 80.9 | 3,803 | 88.2 | 5,169 | 81.5 | 2,375 | 94.1 | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | Rate 3.0 percent lower.........| 2,220 | 52.5 | 938 | 61.2 | 1,499 | 51.5 | 480 | 71.0 | Rate 2.0 percent lower.........| 2,290 | 54.1 | 966 | 63.0 | 1,550 | 53.2 | 488 | 72.2 | Rate 1.0 percent lower.........| 2,352 | 55.6 | 976 | 63.7 | 1,620 | 55.6 | 500 | 74.0 | Rate 0.5 percent lower.........| 2,385 | 56.4 | 979 | 63.9 | 1,637 | 56.2 | 510 | 75.5 | Current rate...................| 2,401 | 56.7 | 987 | 64.4 | 1,651 | 56.7 | 518 | 76.6 | Rate 0.5 percent higher........| 2,447 | 57.8 | 995 | 64.9 | 1,667 | 57.2 | 523 | 77.3 | Rate 1.0 percent higher........| 2,495 | 59.0 | 1,007 | 65.7 | 1,700 | 58.4 | 523 | 77.3 | Rate 2.0 percent higher........| 2,575 | 60.9 | 1,038 | 67.7 | 1,756 | 60.3 | 538 | 79.6 | Rate 3.0 percent higher........| 2,633 | 62.2 | 1,057 | 69.0 | 1,798 | 61.8 | 543 | 80.3 | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | Rate 3.0 percent lower.........| 4,433 | 97.5 | 2,726 | 98.0 | 3,331 | 97.1 | 1,811 | 98.0 | Rate 2.0 percent lower.........| 4,439 | 97.7 | 2,729 | 98.1 | 3,343 | 97.5 | 1,818 | 98.4 | Rate 1.0 percent lower.........| 4,439 | 97.7 | 2,736 | 98.4 | 3,346 | 97.6 | 1,825 | 98.8 | Rate 0.5 percent lower.........| 4,443 | 97.8 | 2,739 | 98.5 | 3,346 | 97.6 | 1,825 | 98.8 | Current rate...................| 4,443 | 97.8 | 2,739 | 98.5 | 3,349 | 97.6 | 1,825 | 98.8 | Rate 0.5 percent higher........| 4,443 | 97.8 | 2,743 | 98.6 | 3,349 | 97.6 | 1,825 | 98.8 | Rate 1.0 percent higher........| 4,450 | 97.9 | 2,746 | 98.7 | 3,355 | 97.8 | 1,825 | 98.8 | Rate 2.0 percent higher........| 4,459 | 98.1 | 2,746 | 98.7 | 3,371 | 98.3 | 1,833 | 99.2 | Rate 3.0 percent higher........| 4,466 | 98.3 | 2,746 | 98.7 | 3,371 | 98.3 | 1,833 | 99.2 | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 1 Persons of Hispanic origin may be of any race Table 5-7: Effect of Changes in Interest Rates on Affordability Status of Black and Hispanic Origin Families and Unrelated Individuals for a Median-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 median-priced home in area | |-------------------------------------------------------------------------------------------| | Black | Hispanic 1 | |--------------------------------------------|----------------------------------------------| | Total | Unrelated | Total | Unrelated | | Families | Individuals | Families | Individuals | |----------------------|---------------------|------------------------|---------------------| Change in interest rate | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|-----------|------------|----------|----------| USING FHA, FIXED-RATE, 30-YEAR | | | | | | | | | FINANCING | | | | | | | | | | | | | | | | | | Total | | | | | | | | | Rate 3.0 percent lower.........| 6,590 | 75.1 | 3,674 | 85.2 | 4,836 | 76.3 | 2,294 | 90.9 | Rate 2.0 percent lower.........| 6,654 | 75.8 | 3,691 | 85.6 | 4,902 | 77.3 | 2,308 | 91.5 | Rate 1.0 percent lower.........| 6,733 | 76.7 | 3,701 | 85.8 | 4,939 | 77.9 | 2,324 | 92.1 | Rate 0.5 percent lower.........| 6,764 | 77.1 | 3,705 | 85.9 | 4,959 | 78.2 | 2,329 | 92.3 | Current rate...................| 6,812 | 77.6 | 3,729 | 86.4 | 4,971 | 78.4 | 2,337 | 92.6 | Rate 0.5 percent higher........| 6,871 | 78.3 | 3,744 | 86.8 | 5,009 | 79.0 | 2,337 | 92.6 | Rate 1.0 percent higher........| 6,917 | 78.8 | 3,746 | 86.8 | 5,048 | 79.6 | 2,349 | 93.1 | Rate 2.0 percent higher........| 7,004 | 79.8 | 3,778 | 87.6 | 5,107 | 80.5 | 2,364 | 93.7 | Rate 3.0 percent higher........| 7,064 | 80.5 | 3,817 | 88.5 | 5,151 | 81.2 | 2,370 | 93.9 | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | Rate 3.0 percent lower.........| 2,178 | 51.5 | 955 | 62.3 | 1,521 | 52.2 | 480 | 71.0 | Rate 2.0 percent lower.........| 2,242 | 53.0 | 962 | 62.7 | 1,578 | 54.2 | 487 | 72.1 | Rate 1.0 percent lower.........| 2,318 | 54.8 | 968 | 63.1 | 1,615 | 55.5 | 503 | 74.5 | Rate 0.5 percent lower.........| 2,349 | 55.5 | 973 | 63.5 | 1,632 | 56.0 | 508 | 75.2 | Current rate...................| 2,397 | 56.6 | 990 | 64.6 | 1,643 | 56.4 | 516 | 76.3 | Rate 0.5 percent higher........| 2,439 | 57.6 | 1,004 | 65.5 | 1,672 | 57.4 | 516 | 76.3 | Rate 1.0 percent higher........| 2,478 | 58.6 | 1,007 | 65.7 | 1,698 | 58.3 | 521 | 77.1 | Rate 2.0 percent higher........| 2,554 | 60.3 | 1,039 | 67.8 | 1,751 | 60.1 | 536 | 79.3 | Rate 3.0 percent higher........| 2,610 | 61.7 | 1,078 | 70.3 | 1,790 | 61.5 | 542 | 80.2 | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | Rate 3.0 percent lower.........| 4,412 | 97.1 | 2,719 | 97.8 | 3,315 | 96.7 | 1,814 | 98.2 | Rate 2.0 percent lower.........| 4,412 | 97.1 | 2,730 | 98.2 | 3,324 | 96.9 | 1,821 | 98.5 | Rate 1.0 percent lower.........| 4,415 | 97.2 | 2,733 | 98.3 | 3,324 | 96.9 | 1,821 | 98.5 | Rate 0.5 percent lower.........| 4,415 | 97.2 | 2,733 | 98.3 | 3,327 | 97.0 | 1,821 | 98.5 | Current rate...................| 4,415 | 97.2 | 2,739 | 98.5 | 3,327 | 97.0 | 1,821 | 98.5 | Rate 0.5 percent higher........| 4,432 | 97.5 | 2,739 | 98.5 | 3,337 | 97.3 | 1,821 | 98.5 | Rate 1.0 percent higher........| 4,439 | 97.7 | 2,739 | 98.5 | 3,350 | 97.7 | 1,828 | 98.9 | Rate 2.0 percent higher........| 4,451 | 97.9 | 2,739 | 98.5 | 3,356 | 97.9 | 1,828 | 98.9 | Rate 3.0 percent higher........| 4,454 | 98.0 | 2,739 | 98.5 | 3,361 | 98.0 | 1,828 | 98.9 | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 1 Persons of Hispanic origin may be of any race