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The Black homeownership rate saw a modest annual uptick to 44.1% in 2022 from 44% in 2021, but remains significantly behind the White homeownership rate of 72%, the report found. A stubborn racial homeownership gapEven with some improvement in the Black homeownership rate, the change has done little to close the yawning gap between Black and White homeownership. Over the past decade, the gap between the two groups’ homeownership rates has worsened, expanding from 27 points to 28 points. Other states with high Black homeownership rates include South Carolina and Delaware, each at 55%. Plus, the median household income for Black Americans was $47,800 in 2022, while the median income for White Americans was $75,700.
Persons: Sharan White, Jenkins, , , ” White, Black, homeownership, Jessica Lautz, Black homebuyers, ” Lautz Organizations: DC CNN, National Association of Realtors, American, Survey, Census Bureau, NAR, Joint Center for Housing Studies of Harvard University, Black, White Locations: Washington, Jamaica, Queens, New York City, Virginia, Brooklyn, Queens , New York, Wyoming, North Dakota, Mississippi, Black, South Carolina, Delaware
With fewer people selling, some people who might have bought an existing home from a homeowner are instead buying a new home from a builder. Sales of new single-family homes rose in March, the Census Bureau reported on Tuesday. Given those changes, “unless you’re a person who needs to make a move, there’s little incentive” to move now, Vanden Houten told me. Of course, some people still are putting their homes on the market, and Vanden Houten herself was recently one of them. “A lot of people have earned a substantial amount of housing equity,” Lautz said.
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