Over the past decade, the gap in homeownership between Black and white Americans has widened to a 10-year high, according to the National Association of Realtors.
, a solid increase from the post-Great-Recession-low of 63% reached in 2016.
That 29% gap represents the largest racial homeownership disparity in 10 years — up from 26% in 2011. Indeed, measures of affordability have reached their worst levels on record, the result of rising mortgage rates in recent months and surging home prices in the last few years. According to NAR, buyers now need to earn more than $100,000 per year if they want to purchase a median-priced home without going beyond their budget.
When comparing the qualifying income to purchase the typical home with the median income of renter households, the National Association of Realtors estimates that while 17% of white renters can currently afford to buy a median-priced home —Other racial groups have experienced more substantial gains over the past decade. The rate of homeownership for Asian American households rose nearly 5 percentage points, to an all-time high of 62.8% in 2021.
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