CNBC, August 21, 2020: Why the homeownership gap between White and Black Americans is larger today than it was over 50 years ago
Many Black families are feeling the stress of today’s pandemic compounded with the lingering effects of the 2008 crisis. In May, according to the Urban Institute, Black homeowners were more likely than White homeowners to have missed or deferred their mortgage payment due to the financial impact of the coronavirus, leading many experts to fear a widening gap in homeownership disparities.
Prior to the pandemic, Black homeownership had already hit a record low of 40.6% in the second quarter of 2019. Though that figure increased to 47% for the second quarter of 2020, data from the U.S. Census Bureau shows that Black Americans still have the lowest rate of homeownership compared to other racial groups, with White Americans having a homeownership rate of 76%, Hispanic Americans having a homeownership rate of 51.4% and Asian, Native Hawaiian and Pacific Islanders having a homeownership rate of 61.4%.