Real Estate

Several New Studies Show Shifting Homeownership Trends For Black Homeowners

Home ownership has seen a mostly upward trend over the past five years, rising again in 2022 to 65.9%, which is the highest it has been since 2011. Several new studies have been released mapping out the gains and losses in homeownership and related wealth with regards to the U.S. Black population. Zillow, for example, estimates Black-owned households saw a greater appreciation in home values since the start of the pandemic. Yet while price appreciation may have taken place, rates of homeownership are showing early signs of a decreasing trend for Black homeowners.

A report by Pew Charitable Trusts shows that between 2010 and 2021 homeownership declined by several percentage points for Blacks in several states (Mississippi, Ohio, Tennessee and Texas and D.C.). The gap in ownership rates between Black and White households has even widened slightly compared to the 1960s, with a 2022 homeownership rate of 45.3% for Blacks and 74.6% for Whites (a 29 percent gap). Census data from the 1960s show the gap was only 27 points.

Homeownership rates increased by several points in New York, Delaware, South Carolina and Illinois.

An analysis by Lending Tree looked at the 50 largest metro areas using data from the U.S. Census (American Community Surveys) to track the differential between population demographics and homeownership. Memphis, TN had the widest spread, with 46.70% of the population identifying as Black but only 34.99% of homes are owned by Black people. Salt Lake City had the smallest spread, though the numbers are very small for comparison. Only 1.68% of the population is Black, while they own only .57% of the homes.

On national level across the 50 metro areas studied in the Lending Tree report, 14.88% of the population is Black but they only own 10.02% of the owner-occupied homes.

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