Homes Owned By Black Families Appreciated The Fastest During The Pandemic

Among the 50 largest metros in the country, that home value gap has shrunk the most in Detroit — by 9 percentage points — since February 2020. Kansas City, Chicago, Cleveland, Milwaukee and Louisville, among other markets, also saw large improvements, with the gap closing by more than 5 percentage points in that time.

In 2021, the latest available data from the Census Bureau, 44% of Black households owned their homes, compared with 73.3% of white households — a gap of more than 29 points. According to the most recent Census Bureau data, Black homeownership increased 2 percentage points from 2019 to 2021, compared to 1.3% for the nation at large. Black women ages 45 to 54 and 75 and older saw the largest increase among Black homeowners during the pandemic, with 2.9 percentage points of growth. Black men ages 35 to 44 saw a 2.5 percentage-point jump in homeownership rate over that period, the second-largest increase in the group.

Still, for many Black Americans, barriers to accessing homeownership abound. Many markets with the highest appreciation in Black home values also have the highest mortgage denial rates for Black applicants, meaning the markets where Black homeowners have the best chance of improving their household wealth and gaining equity with homeowners overall are markets where it’s most difficult for Black mortgage applicants to actually become homeowners.

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