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The homeownership gap between Blacks and whites has widened despite more Americans owning homes now than a decade ago and the rate is increasing among all races, according to a recent report.
An analysis by the National Association of Realtors found that the white homeownership rate in 2021 was 72.7%, compared to 44% for African Americans, CNN reported. The homeownership for Asian Americans was 62.8% and for Latinos, 50.6%.
While all racial groups saw their homeownership rates grow over the past decade, the rate of Blacks occurred only at 0.4% while for Latinos, as an example, rose by four percentage points. The slow growth of Black homeowners comes as statistics reveal 65.5% of Americans owned their homes in 2021.
The analysis reported Blacks are burdened by the high cost of homeownership, the outsized cost burden of African American home buyers, and additional discrimination in lending. Additionally, among all races, Black homeowners spend more of their income to own their homes than others.
The analysis reported nearly 30% of Black homeowners spend more than 30% of their income on housing as opposed to 21% of whites spending their money that way. Black families’ typical net worth was $24,000 in 2019 while white families had $188,200, nearly eight times greater.
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