Black Americans have lower homeownership rates

The Black homeownership rate (43.4%) lags considerably behind white Americans (72.1%) and has declined by nearly 1 percentage point since 2010, according to the National Association of Realtors. In fact, that gap is wider today than when the Fair Housing Act was passed in 1968.

Black households also lag in earnings, making only 61 cents for every dollar that comparable white households earn, according to an analysis by the Economic Policy Institute of the latest Census Bureau data. With lower earnings on average, Black Americans are denied mortgages at double the national average, according to a 2022 LendingTree study.

Black Americans will often seek higher education to help increase their earning potential. Still, it's hard to take on more debt when student loan debt payments make up a significant portion of a monthly budget. Due to student loan debt, nearly half of Black Americans said they would likely delay homeownership.