Feb 14, 2025 Story by: Editor
The number of Black homeowners in Rhode Island has seen an increase in recent years, yet it remains significantly lower compared to both the national average and the homeownership rate of white residents, a new report reveals.
According to the ‘State of Black Rhode Island Homeowner Report’, 38 percent of Black residents in the state owned homes in 2023, marking an improvement from 34 percent in 2019. However, this figure still falls short when compared to more than 70 percent of white residents who owned homes during the same period.
“In fact, home values account for a large percentage of people’s wealth. From 2012 to 2018, Black people who purchased homes were able to build $44 billion in equity. While this appears substantial, if Black homeownership rates matched at least their share of the US population, then Black homeowners would have built “an additional $93 billion in equity” (p.17). Clearly, there are many benefits to homeownership.”
The report, released last week, relies on estimates from the U.S. Census Bureau’s American Community Survey. It serves as an update to a 2022 study by Brown University researchers, which previously analyzed data from 2019.
Despite the progress, the data highlights ongoing disparities in homeownership, reflecting broader challenges Black Rhode Islanders face in securing housing. Experts suggest that addressing these gaps will require targeted policies and financial resources aimed at expanding homeownership opportunities for Black communities in the state. Source: Boston Globe
