While more Americans own homes today than a decade ago and the rate is increasing across all races, the gap between Black homeownership rates and that of any other race or ethnic group is even larger now than in 2011, according to a new analysis by the National Association of Realtors.
Homeownership in the United States reached its lowest level in 2015 and has steadily risen since to a rate of 65.5% of Americans owning homes in 2021. More Americans own homes than a decade ago, with about 9.2 million more homeowners today than in 2011. This higher barrier to entering home ownership disadvantages Black families, who had a typical net worth of $24,000 in 2019, compared to a typical White family with $188,200 — nearly eight times greater.
Looking at Black Americans alone, the denial rates spike higher when it comes to home improvement loans, with 51% denied, according to the report.