Black Homeownership Rate Drops to Lowest Level Since 2021, Latino Homeownership Increased

The Black homeownership rate fell to 43.9% in the second quarter—the lowest level since the fourth quarter of 2021. That’s down from 45.3% a year earlier, marking the largest year-over-year decline since the third quarter of 2021. 

By comparison, the Hispanic homeownership rate inched up slightly (to 48.8% from 48.5% a year earlier), and there were small declines in both the non-Hispanic white homeownership rate (to 74% from 74.4%) and the Asian/Native Hawaiian/Pacific Islander homeownership rate (to 62.1% from 62.8%).

“Rising unemployment is one likely reason the homeownership rate for Black families has dropped recently,” said Redfin Chief Economist Daryl Fairweather. “The recent wave of federal layoffs hit Black households badly because government jobs have historically been an avenue of upward mobility for Black workers. DEI programs have also been dismantled in workplaces across the private and public sectors, which may have resulted in fewer Black employees being hired or promoted.” [MORE]