April 15, 2025 Story by: Editor
Over the past decade, homeownership among Black households has seen a modest increase, rising to 45% in 2023 from approximately 42% in 2013. However, this rate still trails behind those of other racial groups, with white households at 72%, Asian households at 63%, and Hispanic households at 51%, according to a comprehensive analysis by the National Association of Realtors using Census Bureau data.
This disparity highlights ongoing challenges in achieving equitable access to homeownership, a critical component of wealth building and economic stability in the United States.
Why it matters: Owning a house is how most people in America build wealth and pass it down to younger family members.
The big picture: Some racial and ethnic groups are seeing faster homeownership gains than others, per the report by the National Association of Realtors (NAR).
- Barriers include worsening affordability and unequal credit access, researchers say.
By the numbers: The U.S. homeownership rate for Black households was around 45% in 2023, up from roughly 42% in 2013, NAR’s analysis of Census Bureau data shows.
- It’s still below the rates for white households (72%), Asian households (63%) and Hispanic households (51%).
What they found: Hispanic and Asian American households recorded the biggest jumps in homeownership rates, according to the report.
- That’s partly because of rapid population growth, especially among younger people looking to buy homes, and increased economic stability, the authors note.
Reality check: Black and Hispanic homebuyers see higher denial rates for mortgages, per Home Mortgage Disclosure Act data analyzed by NAR.
Key takeaways
- Research also shows Black Americans continue to experience discrimination in housing.
- Between the lines: In more affordable areas, homeownership is more accessible for people from different racial and ethnic backgrounds.
- Black and Hispanic households had the highest homeownership rates in 2023 in Mississippi and New Mexico, respectively, NAR found.
- Asian households had the highest rates in Hawaii, Florida and Maryland.
- What we’re watching: Aspiring homeowners are often left paying expensive rents that eat into their incomes.
- “For many, this limits their ability to accumulate savings, qualify for a mortgage, and transition to homeownership in a competitive market,” the report’s authors write.
Source: Axios
