Homeownership among Black households in the U.S. is on a positive trajectory, according to recent research from the National Association of Realtors. As of most recent in 2023, the Black homeownership rate saw the largest yearly increase among racial groups, rising by 0.6 percentage points to 44.7%. However, it remains significantly lower than the white, Asian, and Hispanic homeownership rates, which sit at 72.4%, 63.4%, and 51%, respectively. Despite affordability challenges, overall U.S. homeownership reached 65.2% in 2023—compared with 63.5% in 2013—adding about 11.8 million homeowners.
Black homeowners also continue to face the largest housing cost burdens. In 39 states, Black homeowners spend more than 30% of their income on housing. Prospective buyers who are Black also face the most mortgage denial rates at 21%, compared with 11% of white buyers.
A decade ago, homeowners paid a median of $860 per year for homeowners insurance. In 2023, that number rose to $1,310 – a 53% increase. By race, Black homeowners pay more for homeowners' insurance than any other group. In 2023, the median homeowners' insurance cost was $1,360 for Black, $1,330 for Asian, $1,310 for White and $1,300 for Hispanic homeowners.
According to NAR's 2024 Profile of Home Buyers and Sellers, White buyers (83%) made up the largest share of total buyers, followed by Black (7%), Hispanic (6%), Asian (4%) and Other (3%) buyers. Of first-time home buyers, 49% are Black, 43% are Asian, 41% are Hispanic and 20% are White. Read more
