The homeownership rate for Black Americans in 2020 was lower than it was a decade before, even as the nation’s overall homeownership rate saw a record annual increase, a new report has found.
A report released by the National Association of Realtors (NAR) earlier this week found the U.S. homeownership rate rose by 1.3 percent from 2019 to 2020, reaching 65.5 percent overall – a jump the group called “the largest annual increase on record.”
But the new report also shines a somber light on the racial disparities behind those figures.
The report shows that the homeownership rate for Black Americans hit 43.4 percent that year, compared to 44.2 a decade before. By contrast, the homeownership rate for White Americans and Asian Americans jumped in the same period, rising to 72.1 percent and 61.7 percent, respectively.
Hispanic Americans also saw a boost in homeownership in 2020, rising to 51.1, which the group noted was a record high for the bloc, marking the first time the rate surpassed 50 percent.
"As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the unique challenges that minority home buyers face," Jessica Lautz, NAR vice president of demographics and behavioral insights, said in a statement.
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