The National Association of REALTORS® released its 2022 Snapshot of Race and Home Buying in America. Among its findings:
- U.S. homeownership rate climbed to 65.5% in 2020, up 1.3% from 2019 and the largest annual increase on record.
- The homeownership rate for Black Americans (43.4%) trails behind that of a decade ago (44.2% in 2010). Conversely, white Americans (72.1%), Asian Americans (61.7%) and Hispanic Americans (51.1%) all achieved decade-long highs in homeownership in 2020, with the rate for Hispanic Americans setting a record and reaching above 50% for the first time.
- Black and Hispanic applicants (7% each) were more likely to be rejected for mortgage loans than white (4%) and Asian (3%) applicants.
- Black households (41%) are the most likely to have student loan debt and also have the largest median student loan balance of $45,000.
NAR’s 2022 Snapshot of Race and Home Buying in America examines homeownership trends and challenges by race and location to explain current racial disparities in the housing market. Using data from the 2021 Profile of Home Buyers and Sellers, the report looks at the characteristics of who purchases homes, why they purchase, what they purchase, and the financial background for buyers based on race.
I dislike this article… Everyone goes thru the same loan process and credit check to imply that certain people are approved or disapproved because of race and not credit worthiness, job, debt to income …This is the type of add does not cause unity… Fair Housing for all!
I agree. Everyone has the same access to being approved for a home loan based on income, debts, etc. No normal American processing loans or receiving home contracts have a little picture attached and then reject based on race. I’m tired of this divisive narrative being drilled into black people’s minds. Many know it’s BS, but many buy it and are convinced and as a white American who loves everybody based on behavior, not race, I’m offended and annoyed by this notion.
you have missed the point. The point of the post and the reason we have this discussion at all? Because of the historical IMPACT made to a group of people. And that is inclusive of education on credit and finances. Its not a implication that someone is denied a loan because of their race. If a group of people are a minority and they have a higher chance of being denied a loan? The question should be WHY? The position of it “does not matter” will only continue the cycle. This implies MORE education should be made to the minority… Read more »