US home ownership jumps, but race gap widens: data report
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
-
South African election results renew debate over identity-based voting
-
Post-election pressures complicate US and Israeli decisions on Iran
-
South African voters report smoother local election but declining IEC trust
-
UN members approve talks on treaty protocol against environmental crime
-
Dolly Parton museum and Nashville hotel open after singer’s death
-
Family-run West Sussex beach café prepares for first winter season
-
George and Amal Clooney attend New York political-comedy reading
-
CT scans reveal health and burial clues from Egypt’s Braided Lady mummy
-
British buyers pay substantial premiums for period-home appearance
-
Oxford faces complaints over lecturer’s classroom attire
-
Thomas Markle released to house arrest after child-abuse-image charge
-
Kyren Wilson and John Higgins reach International Championship snooker final
US home ownership jumps, but race gap widens: data report
US home ownership jumped at an historic rate in 2020, but a racial gap widened as more Black households were priced out, according to a report released Wednesday.
Low interest rates helped fuel a 1.3 percent rise in home ownership in 2020, the biggest annual increase since the US Census Bureau began tracking the data in 1960, according to a report by the National Association of Realtors (NAR).
But it showed the persistence of a racial ownership gap in the United States that the report says has actually widened as home prices have soared.
Home ownership of Black Americans was 43.4 percent in 2020, below the 44.2 percent in 2010, although it rose 1.4 percent in 2020 from 2019.
That increase is below that of white and Hispanic households.
"This is the only race/ethnic group whose homeownership rate is lower than 10 years ago," the NAR report said. "As a result the home ownership gap between White and Black households became even larger in 2020."
Home prices have soared nearly 30 percent since 2019, which means a typical home is about $80,000 more expensive than before the coronavirus pandemic, a reflection of tight inventories, NAR said.
Among other groups, 72.1 of white households owned homes in 2020, compared with 61.7 percent of Asian households and 51.1 percent of Hispanic households.
The difference in home ownership has been seen as a critical component of the persistent US racial wealth gap highlighted by the Biden administration.
However, legislative efforts to directly address racial inequity have repeatedly faced legal challenges in the Biden years on programs such as restaurant aid and support for farmers.
The NAR report said Black Americans have the highest mortgage denial rates, saying that "low income seems to be the main reason" for the rejections.
But the report also pointed to survey results that nearly half of African-American households were steered away from specific neighborhoods, a similar level to that experienced by Latinos and Asians.
Black and Asian households also said they encountered more strict lending requirements due to discrimination, the NAR report said.
E.Raimundo--PC
