ProBuilder, March 12, 2021, Black Homeownership Rate Drops to Lowest Level Since 1960s
For more than a century, the gap between Black and White homeownership in the U.S. has remained consistently between 20 and 30 percentage points. From 1995 to 2004, Black homeownership rates increased 7.5% to 49.4%, but that share dropped back down to 40.6% as recently as the second quarter of 2019, reports MarketWatch. It’s currently at roughly 44% while White homeownership rates remain at roughly 74%. The pandemic has disproportionately affected Black Americans, with layoffs most likely to cause housing instability among Black and Latino workers. Home ownership remains one of the primary drivers of wealth, and if the country wants to address the racial wealth gap, it should focus on Black homeownership, says MarketWatch.
A new report from the National Community Reinvestment Coalition calls for setting a goal of 60% Black homeownership over the next 20 years.
