Owning a home and living in a good, safe neighborhood is anyone’s dream because it gives people dignity and respect. However, for a long time, home ownership for black people has remained a far-fetched dream for various reasons. This article focuses on US homeownership rates and how they impact black people.
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Black Homeownership in 2025
According to the National Association of Realtors, in 2023, black homeownership had the highest gain, at 44.7%, meaning more blacks are getting into the real estate market. This is a 0.6 percentage point increase from 2022 and a 2.8 percentage point increase from 2013.
Across the country, the rate differs, with Mississippi having the highest rate at 58%, followed by Delaware (56%) and South Carolina (56%). Conversely, the lowest ownership rates are in North Dakota (10%), Montana (20%), and Maine (21%).
Furthermore, blacks spend more on home ownership than others – on average, across the country, they spend more than 30% of their income on housing and insurance – about a median of $1,360 annually.
Despite the increase in black US homeownership rates, white owners remain higher at 72.4%, Asians have it at 63.4%, and Hispanics have 51.0%.
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Why Does Black Homeownership Racial Gap Persist?
Despite the increase in black homeownership in the United States, the racial gap still persists for the following reasons:
- Mortgage denials: According to Zillow analysis, Home Mortgage Disclosure Act (HMDA), black mortgage applicants are more likely to get a denial for an application because of their credit scores. In 2023, 23% of black mortgage applicants didn’t receive the loan compared to 13%.
- Cost burden: Black homeowners spend more on home ownership. About 30% of their income goes into housing. When it comes to renting (54%), they spend more than 50% of their income on housing.
- Income disparities: In 2022, the median income for black households was $47,800 compared to $75,500 in white households. This leads to challenges in their credit score, hence a higher denial rate.
- Little or lack of credit access: Black Americans are likely to face hurdles in accessing credit compared to applicants of other races.
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What Can Be Done?
Addressing Black homeownership must assess long-held disparities, including mortgage access difficulties, wealth disparities, housing affordability and the legacy of discrimination. Additionally, investing in community investment that involves improving infrastructure in black neighborhoods can increase ownership rates.
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Closing Thoughts
Despite the gains made in US homeownership rates for the black population, the disparity remains. Black people still find it difficult to own a home because of discrimination, lack of credit scores, disproportionate mortgage application denials, among other factors. Closing this gap takes policy intervention and literacy to improve things. Do you own a home? How long did it take you to acquire one?
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