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Black Americans see smaller increases in homeownership but help is available

New homes
Posted at 4:25 PM, Feb 20, 2024
and last updated 2024-02-20 16:27:20-05

There's some encouraging news when it comes to who's buying homes.

New research from the National Association of Realtors finds homeownership rates for Black, Asian, and Hispanic Americans increased in 2022.

For Asian and Hispanic Americans, those rates hit all-time highs.

But over the past decade, the rate of Black Americans owning homes continues to be lower than everyone else.

"Even successful Black home buyers, what we know is that they have a lower household income, which means that they're only able to afford a smaller pool of homes that differs for each state. But when we look at that on a statewide basis, we can see that other races are able to afford a home easier," says Jessica Lautz with the National Association of Realtors.

Lautz says other factors are Black homebuyers are dealing with higher amounts of student loan debt and they're more likely to have a single income.

"Really important for communities to tackle is the lack of housing inventory, especially affordable housing inventory. So, thinking about ways that we can bring in new inventory, especially at affordable price points, and perhaps even smaller units where single individuals and families that don't have children can live," says Lautz.

Low down payment options are one thing that's making a difference for potential homebuyers.

There are national and local programs available you can check into.

You may also be able to get help with closing costs and property taxes through those programs.

The Black Homeownership Collaborative is a group of housing leaders working to have 3 million new Black homeowners by the end of 2030.

You can find their links for help with your down payment here.