NAR Study: Minority Homeownership Rates Continue to Lag
WASHINGTON – The United States homeownership rate has recently seen a rebound to 65.1% in the fourth quarter of 2019 from a low of 62.9% in the second quarter of 2016. While the increase in the overall homeownership rate is encouraging, there continues to be a significant racial homeownership gap in America that needs to be addressed.
The ownership rate for non-Hispanic White Americans has been consistently above 71% from 2016 to 2019. In the same period, the homeownership rate for Black Americans has been 30 percentage points less – above 41% from 2016 on. For Hispanic Americans, the homeownership rate has held above 45%, and for Asian Americans, it has been above 53% over the same time period.
The National Association of Realtors® (NAR) just-released Snapshot of Race & Home Buying in America report examines the homeownership rate among each race in 2018 using American Community Survey data by state. The report also examines the change in the homeownership rate among African Americans from 2008 to 2018 using American Community Survey data.
Finally, using the Profile of Home Buyers and Sellers data from 2019, the report looks into the characteristics of who purchases homes, why they purchase, what they purchase, and the financial background for buyers based on race.
Last month, NAR announced the passage of a new Fair Housing Action Plan designed to ensure America’s 1.4 million Realtors are doing everything possible to protect the rights of people of all backgrounds to purchase, own and transfer ownership of property in America.
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