Even as home prices have skyrocketed during the pandemic, homeownership continues to grow. But the rate of home buying has not increased at the same pace for all Americans, according to a new report from the National Association of Realtors
More Americans own a home now than in any year following the Great Recession, with the US homeownership rate climbing to 65.5% in 2020, according to NAR. That's up 1.3% from 2019, the largest annual increase on record. But Black homeownership, at 43.4%, remains lower than it was a decade ago. And it is nearly 30 percentage points behind the White homeownership rate of 72.1%.
Economic disparities In addition to purchasing homes at a lower rate, Black and Hispanic home buyers face serious obstacles along the road to homeownership.Black and Hispanic Americans report being rejected for mortgages at a higher rate than their White and Asian peers and Black Americans report higher incidence of discrimination in a real estate transaction, according to NAR.
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