The National Association of Realtors (NAR) reports an increase in Black homeownership to 44.7% in 2023, marking the largest rise among racial groups. However, this still lags behind white homeownership at 72.4%, showcasing ongoing disparity. Over a decade, Black homeownership increased by 2.8 percentage points, resulting in about 1.2 million more Black homeowners since 2013. The report reveals a widening gap of 28% between Black and white homeownership, emphasizing economic hurdles and a prevalent trend of renting among Black households despite the positive trajectory in homeownership rates.
This report provides the housing ecosystem with in-depth information about how racial and ethnic groups approach the housing market, helping industry professionals with local challenges.
Despite an increase in Black homeownership to 44.7%, the rate is still the lowest among all racial groups, highlighting ongoing disparities in the housing market.
#homeownership #black-homeownership #housing-market #national-association-of-realtors #economic-disparities
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