Homeownership
What is the current state of homeownership by race in the US? The US homeownership rate is defined as the number of owner-occupied housing units divided by the total number of occupied housing units. According to data from the US Census Bureau, the homeownership rate in the US was 64.6% in 2019, down from its […]
Homeownership is the primary source of wealth accumulation for most Americans. Homeownership rates for Black families have remained significantly lower than overall rates for decades, and 30 points lower than for white families. St. Paul, Minn., is one of a group of cities taking part in a 10-year initiative to change that, and to create […]
The age of the young homebuyer Apart from income and education, age was also a factor. The Urban Institute’s analysis found that between 2019 and 2021, the proportion of young homebuyers started to grow across all racial and ethnic groups. Homebuyers younger than 45 increased from 51% in 2019 to 55% in 2021. This increase […]
Stacker and Nexstar Media Wire 5 days ago (STACKER) – When the Fair Housing Act of 1968 was signed into law, it prohibited home sale discrimination based on race—a huge step forward for Black Americans and other minorities. At that point in history, minority groups regularly faced clear, outright discrimination regarding the selling, rental, or financing of […]
In 2021, South Carolina led the U.S. in rates of homeownership among African-Americans, according to a report released Wednesday by ApartmentList. The Palmetto State’s 54.8 percent Black homeownership rate edged out Delaware and Mississippi, where rates were also above 53 percent – all well above the national average of 43 percent in 2021. “That’s amazing […]
“There’s definitely a big gap in the percentage of Black versus white homeownership rates and I wanted to be part of fixing that gap,” she said. One of the keys in addressing the issue, Egerson said, is giving people access to the information and resources they need when navigating the homebuying process. “A lot of […]
The homeownership chasm among US Black and White families is bigger today than it was when Jim Crow was in effect. The Urban Institute recently reported that in 1960, people saw a 27-point gap between Black homeownership (38%) and white homeownership (65%). Now, that gap sits at 30%. To address this, Habitat For Humanity has […]
Some cities and states are trying to boost Black homeownership, which dropped to a 60-year low even before the economic turmoil wrought by the COVID-19 pandemic. Black homeownership fell in 2019 to 40.6%, down from the 2004 peak of 49.7%. The rate has rebounded somewhat since then, but advocates remain dismayed at how, decades after the […]
The algorithm as foil is no mere abstraction to Kempfer: “I actually have a loan right now that’s not getting approved,” she said. “The credit score is OK – it’s not horrible; we’ve got 5% down. By all accounts, it should be approved. The only reason it’s not is we have down payment assistance and […]
The homeownership chasm among US Black and White families is bigger today than it was when Jim Crow was in effect. The Urban Institute recently reported that in 1960, people saw a 27-point gap between Black homeownership (38%) and white homeownership (65%). Now, that gap sits at 30%. To address this, Habitat For Humanity has […]