Between 2013 and 2023, homeownership rates in the U.S. increased from 63.5% to 65.2%, translating to 11.8 million more homeowners, as reported by the National Association of REALTORS®. Despite these gains, the Black homeownership rate fell further behind relative to other racial groups over the past decade. The changes in homeownership rates were not linear, with periodic declines in years such as 2014, 2015, and 2022, although improvements in 2023 were noted due to demographic shifts and wage growth amidst challenging market conditions.
While the change in the rate between 2013 and 2023 shows an overall increase, it was not steady, with year-over-year dips in 2014, 2015 and, most recently, 2022.
The gap between the Black homeownership rate and other groups actually grew over the past decade according to the National Association of REALTORS® (NAR) annual Snapshot of Race and Home Buying in America.
Among the major racial groups combined - Asian, Black, Hispanic and white - the homeownership rate grew from 63.5% in 2013 to 65.2% in 2023.
Despite high mortgage rates and housing markets hitting their lowest point in almost 30 years, the swing back to positive territory in 2023 came thanks to strong demographic shifts and wage growth.
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