In 2016, the black homeownership rate fell to 42.2 percent, 29.7 percentage points lower than the white homeownership rate. It was the largest gap in more than 70 years of data.
CBS News reports that underemployment, low wages, and a slow recovery from the foreclosure crisis have hit the black community particularly hard. In 2004, nearly half of blacks owned homes.
Last decade, lenders offered adjustable-rate packages that lured black buyers, but left them scrambling after the economy turned. Today, stricter lending policies and a lack of affordable housing has made it tough for them to buy a home.
An AP analysis of U.S. Census Bureau statistics shows some pockets of the Midwest and California had the lowest homeownership rates for African Americans, while some areas of the South had the highest.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable