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Ntl Assoc. of Relators: U.S. Homeownership Rate Experiences Largest Annual Increase on Record, Though Black Homeownership Remains Lower Than a Decade Ago, NAR Analysis Finds

on February 24, 2022 in Rhode Island by Amy Cola

A new analysis from the National Association of Realtors shows that the U.S. homeownership rate increased 1.3% year-over-year to 65.5% in 2020, which marks the largest annual increase on record. Segmenting homeownership rates by race, the report finds that while white households (72.1%), Asian households (61.7%) and Hispanic households (51.1%) all achieved decade long highs in homeownership in 2020, the homeownership rate for Black households (43.4%) trails behind that of a decade ago (44.2% in 2010) and nearly 30 percentage points less than the homeownership rate for white households. Additionally, the report points out that Black and Hispanic home mortgage applicants (7% each) were more likely to be rejected for mortgage loans than white (4%) and Asian (3%) applicants. The analysis also points out that Black households often face barriers to affording a home down payment and qualifying for a home mortgage, which largely stem from spending larger portions of their income on rent and holding student debt.

To view the analysis, visit the National Association of Realtors

Courtesy of the National Association of Realtors