NAR has released the 2022 Snapshot of Race and Home Buying in America report, which examines homeownership trends and challenges by race and location to explain current racial disparities in the housing market. The report also looks at who purchases homes, why they purchase, what they purchase and the financial background for buyers based on race.
Here are some of the key takeaways from this year’s report:
- The U.S. homeownership rate climbed to 65.5% in 2020, up 1.3% from 2019 and the largest annual increase on record.
- The Black homeownership rate is 43.4%, which is lower than 10 years ago when the homeownership rate was 44.2%
- Black and Hispanic applicants were more likely to be rejected for mortgage loans, at 7% each, than White applicants, at 4%, and Asian applicants, at 3%.
- 32% of Black respondents said they faced stricter requirements because of their race.
- 41% of Black households have student loan debt, which is twice as much as White and Asian households. Student debt tends to be a major impediment for prospective home buyers in saving for a down payment.