![]() Related: The number of Black renters who can afford to buy a home plunged over the last year - as monthly mortgage payments have doubled since 2020īecause of segregation and disinvestment in Black neighborhoods, though, that homeownership “served as a less reliable source of wealth creation,” according to Apartment List. ![]() Yet even before the Fair Housing Act of 1968 made such race-based discrimination illegal, Black homeowners were resilient the Black homeownership rate almost doubled from 23% in 1940 to 45% in 1980, the Apartment List analysis said. That legacy includes redlining, the practice of denying loans to people looking to buy in predominantly Black and immigrant neighborhoods designated “risky,” and racially restrictive covenants, which kept homeowners from selling to Black people. But a legacy of institutional racism has created cultural, political, and financial barriers that have suppressed Black homeownership for generations, highlighting the housing market’s role in the nation’s enduring wealth gap.” Owning a home has long been considered a reliable path to economic security and generational wealth. “The racial wealth gap in the United States has persisted since Emancipation, and after narrowing for over a century following the end of slavery, it is widening again today,” the Apartment List researchers wrote. In the second quarter of 2022, the white homeownership rate was 75%, according to the Treasury Department. Yet that’s still just below the Black homeownership rate seen in 1980, researchers at the rental-listing platform said in a report released Tuesday.īlack homeownership rates, which are highest in southeastern cities like Charleston, S.C., where 58.1% of Black households own their properties, also remain low in comparison to white homeownership rates. ![]() Currently, the Black homeownership rate is 44% - up from 40.8% in 2016, with the number of Black homeowners increasing by about 750,000 in a five-year span.
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