While the U.S. home ownership rate increased to 65.5% in 2021, the rate among African Americans lag significantly (44%), has only increased 0.4% in the last 10 years and s nearly 29 percentage points less than white Americans (72.7%), representing the largest black-white home ownership rate gap in a decade. Black home owners and renters are more cost-burdened than any other racial group. Less than 10% of black renters can afford to buy the typical home.
The report made back two years ago found that there were bout 9.2 million more home owners then than it was a decade ago., but home ownership rates varied by race. The black home ownership rate–44%–increased less than half of 1 percentage point (43.6% back in 2011) and continues today in 2023 well behind Hispanic Americans (50.6%), Asian Americans (62.8%) and White Americans (72.7%). The home ownership gap between blacks and any other racial group has grown, especially when compared to white households (29%), representing the largest home ownership gap in 10 years.
Black homeowners spend more of their income to own their own homes than all racial groups, with 30% being cost-burdened–defined by spending more than 30% of their income on housing. That’s followed by Hispanic Americans (28%), Asian Americans (26%) and white Americans (21%).
In addition of being asked about their recent home buying experience, home buyers were asked if they had experienced any discrimination or bias toward them while trying to find a home or move into a certain neighborhood. Half of Hispanic home buyers say that they experienced being steered away from certain places, followed by 29% of whites, 12% of blacks and less than 1% of Asian Americans.