Homeownership Uptick in 2021, Black Homeownership Down 1%
While more than 65% of Americans owned a home in 2021—the highest amount ever—the black community’s rate of homeownership was only 43% nationally, down 1% from last year. This and other data were covered in NAR’s latest Snapshot of Race and Home Buying in America Report. “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,” said Jessica Lautz, NAR vice president of demographics and behavioral insights. “Housing affordability and low inventory have made it even more challenging for all buyers to enter into homeownership, but even more so for Black Americans.”
The report also shares homeownership rates by state, showing White, Black, Asian, and Hispanic homeownership rates in Colorado at 70%, 38%, 64%, and 57% respectively. See the full report here
CAR has also researched the problem in the latest issue of the Colorado REALTOR® magazine. The article looks at what Colorado is doing to address financial literacy education, ease the home buying process, and offer REALTORS® ideas about how to get involved in fair housing in their own communities.