In a decade of up and down home sales, black ownership rates have increased by nearly 6%, according to a new study just released by the National Association of Realtors.
The study, Snapshot of Race and Home Buying in America, says that that percentage increase works out to more than 3.5 million new homeowners, the largest such increase in all racial groups.
At the same time the study notes that black homeowners continue to struggle with some of the highest housing cost burdens in the country, spending upwards of 30% of their income on housing costs.
Black homeownership rates were down to around 39% in 2016, before enjoying a steady increase in the immediate years to follow and topping out at 44.7% by the end of 2023.
Despite those trends, says the study, “the gap between Black and White homeownership rates has widened over the past decade, increasing from 27% in 2013 to 28% in 2023.”
Hispanic home ownership, meanwhile, jumped from 45.2% to exactly 51%, with Asian home ownership rates increasing from 57.8% to 63.4%. White home ownership rates appeared to be stuck at around 67% for most of the early part of the last decade, before taking off in 2021 and now standing at 72.4%.
Delaware and Mississippi were the states with the highest white home ownership rates, at 81% and 80% respectively. Those two states also have the highest black home ownership rates, between 56% and 58%.
Hispanic home ownership rates were at their highest in New Mexico with 67%, followed closely by Vermont at 66%. Asian home ownership rates, at the same time, reached their peak in Hawaii with 75% and Florida with 74%.
The study also reveals one of the ongoing challenges facing would-be black home owners: in 2023, their mortgage denial rate stood at a formidable 21%, compared with 17% for Hispanics, 11% for Whites, and 9% for Whites. “Access to credit is not equal across racial and ethnic groups,” says the study, adding: “The ability to secure a mortgage with favorable terms depends on several factors, including credit scores, debt-income ratios, and financial history, all of which can vary by race.”
March 21, 2025
By Garry Boulard
Photo courtesy of Pixabay
