Our industry partner, the National Association of Real Estate Brokers (NAREB), has released their 2020 State of Housing in Black America report. This report provides a detailed view of what impacts and impedes Black families from realizing the dream of homeownership.
The report includes the following findings for the United States as a whole:
- Black homeownership was at 47% in 2020, but it has yet to reach pre-2008 levels.
- Blacks are under-represented among owner households.
- Homeownership rates are particularly low for younger Black households.
- Black households earn 40% less than white households, and white households have 10 times higher net worth.
It also includes the following findings for Black homeowners in the Chicago area:
- In the Chicago-Naperville-Elgin, IL-IN-WI area, the Black homeownership rate is 40.3%.
- In that same area, the Black-White homeownership gap is 35.2%
- Of the total population of the Chicago-Naperville-Elgin, IL-IN-WI area, 3% are Black Millenials.