REPORT: Cities with the highest percentage of black homeowners

AChafukira • June 10, 2019

Even though housing discrimination has been outlawed for 50 years, studies show that the U.S. black homeownership rate isn’t any higher than when the Fair Housing Act initially passed in 1968. In fact, the racial gap between white and black homeowners today is significant. According to the U.S. Census Bureau , the homeownership rate among white Americans is 73.2%, while the black homeownership rate stands at 41.1%. In comparison, 42% of black households owned their homes back in 1970, two years after housing discrimination based on race, color, religion, and national origin was outlawed.

 

These staggering statistics demonstrate that the obstacles blocking African Americans from buying homes extend beyond federal barriers – the issues are systemic. Economic disparities, for instance, put many communities of color across the country at a disadvantage, especially when it comes to homeownership. A new analysis conducted by LendingTree , the nation’s leading online loan marketplace, reveals how race impacts homeownership rates in the nation’s 50 largest metropolitan areas. The study found that black Americans tend to own a disproportionately low number of homes relative to their overall population.

According to the report, the U.S. cities that have the highest percentage of black homeowners are San Jose, Los Angeles, Salt Lake City, San Antonio, and Portland. On the other hand, the cities where black homeownership is lowest relative to overall population are Memphis , New Orleans, Baltimore, Virginia Beach, and Milwaukee, where the median household income for black residents is a mere $28,928.

The study also found that the average median household income for black Americans is $41,571, which is more than $30,000 below the average median household income for whites. “Because lenders evaluate a potential borrower’s income, this can pose challenges when it comes time to qualify for a mortgage,” states the report.

Here are other key findings from the report:

IN EACH OF THE NATION’S 50 LARGEST METROS, BLACK AMERICANS OWN A DISPROPORTIONATELY SMALL PERCENTAGE OF HOMES.
Americans who identify as black make up an average 15% of the population in each of the metropolitan areas featured in our study, but they only own an average of about 10% of owner-occupied homes.

BLACK AMERICANS OWN THE SMALLEST PERCENTAGE OF HOMES RELATIVE TO THEIR OVERALL POPULATION IN MEMPHIS, TENN.
Although they make up nearly half (47%) of the total population and are the largest racial group in Memphis, black Americans only own about 35% of the owner-occupied homes in the metro area.

HOMEOWNERS WHO IDENTIFY AS BLACK OWN THE LARGEST PERCENTAGE OF HOMES RELATIVE TO THEIR TOTAL POPULATION IN SAN JOSE, CALIF.
Black Americans account for only 2.33% of San Jose’s overall population. The percentage of homes owned by black homeowners is nearly 1.5%, which is still a disproportionately small percentage.

BLACK AMERICANS HAVE THE LOWEST INCOMES OF ANY RACIAL GROUP IN THE NATION’S 50 LARGEST METRO AREAS.
Across the metropolitan areas featured in our study, the average median household income for black Americans is $41,571. This is more than $30,000 below the average median household income for white Americans. It’s also nearly $6,000 less than the incomes of Americans who identify as Native American or Alaskan Native. Because lenders evaluate a potential borrower’s income, this can pose challenges when it comes time to qualify for a mortgage.

Selling Houses While Black

By Olga Labovich • January 18, 2023
About 6 percent of real estate agents and brokers in the United States are Black. Their white peers make almost three times as much, according to data and surveys. Tye Williams feels the heat. It’s 95 degrees out, and the North Carolina sun is beating like a drum. He’s in a full suit and tie Continue Reading The post Selling Houses While Black appeared first on National Association of Real Estate Brokers.

NAREB releases Annual State of Housing in Black America report at Black Wealth Summit featuring Lawmakers, Agency Heads, Policymakers & Experts

By Olga Labovich • November 30, 2022
WHO: U.S. Senator Sherrod Brown (D-OH) Lydia Pope, President NAREB Alanna McCargo, President, Ginnie Mae Lisa Rice, President & CEO National Fair Housing Alliance Sandra Thompson, Director, Federal Housing Finance Agency Teresa Bryce Bazemore, CEO, Federal Home Loan Bank of San Francisco Katrina Jones, VP, Racial Equity Strategy & Impact, Fannie Mae Pamela Perry, VP, Continue Reading The post NAREB RELEASES ANNUAL STATE OF HOUSING IN BLACK AMERICA REPORT AT BLACK WEALTH SUMMIT FEATURING LAWMAKERS, AGENCY HEADS, POLICYMAKERS & EXPERTS appeared first on National Association of Real Estate Brokers.

Reckoning with the past: Associations apologize for discriminatory practices

By Olga Labovich • November 14, 2022
The California Association of Realtors is the most recent association to express regrets for past practices that marginalized groups based on race or ethnicity. Key points: Real estate associations in Atlanta, Minneapolis, Chicago and St. Louis have also offered formal apologies for past discriminatory practices. Practices and policies included endorsing restrictive covenants and redlining, making Continue Reading The post Reckoning with the past: Associations apologize for discriminatory practices appeared first on National Association of Real Estate Brokers.

NAREB: Supporting ‘Democracy In Housing’ for consumers, agents

By Olga Labovich • November 14, 2022
Lydia Pope, who leads the National Association of Real Estate Brokers, discusses narrowing the racial gap in homeownership and opening doors for Black agents Key points: NAREB, founded in 1947, is the nation’s oldest trade association for Black real estate professionals. ‘Our goal is equal housing,’ said Pope, whose own real estate career spans nearly Continue Reading The post NAREB: Supporting ‘democracy in housing’ for consumers, agents appeared first on National Association of Real Estate Brokers.

Clyburn Re-Ups Support For G.I. Bill Restoration Act On This Veteran’s Day

By Olga Labovich • November 11, 2022
Americans disagree on many social issues, but one we’re strongly united on is appreciation for our fellow countrymen and women who have served in our nation’s military – especially today, Veteran’s Day. It’s likely that the greatest expression of gratitude our nation has ever given to those who have worn the uniform is the Servicemen’s Readjustment Continue Reading The post Clyburn Re-Ups Support For G.I. Bill Restoration Act On This Veteran’s Day appeared first on National Association of Real Estate Brokers.

When the demography of the members is considered

By Olga Labovich • October 15, 2022
Our mission at Bankrate is to assist our clients in making smarter monetary decisions. Apart from ensuring every editorial policy is met, we have referenced some of our products from our partners in this post. We have explained how we generate revenue here. The National Association of Real Estate Brokers (NAREB) is a trade network Continue Reading The post When the demography of the members is considered appeared first on National Association of Real Estate Brokers.

What is a Realtist?

By Olga Labovich • September 15, 2022
Whether you’re looking to buy or sell a home, you’ll see a wide range of terms attached to professionals who can help with the transaction. As you work to understand the difference between a broker and an agent, you may also wonder what a Realtist does. What is a Realtist? A Realtist is a real estate Continue Reading The post What is a Realtist? appeared first on National Association of Real Estate Brokers.

What is the National Association of Real Estate Brokers (NAREB)?

By Olga Labovich • September 14, 2022
The National Association of Real Estate Brokers (NAREB) is a trade organization and network of Black real estate professionals known for promoting “democracy in housing” and advocating for public policies that “protect and expand sustainable homeownership.” The organization’s members, who go by the title of Realtist, are spread throughout chapters across the United States. NAREB’s Continue Reading The post What is the National Association of Real Estate Brokers (NAREB)? appeared first on National Association of Real Estate Brokers.

NAREB Calls on White House and Congress to Boost Black Homeownership and Close Wealth Gap

By Olga Labovich • September 7, 2022
Organization Will Hold Elected Officials Accountable The National Association of Real Estate Brokers (NAREB) called on the White House and Congress to enact legislation aimed at increasing Black homeownership after provisions approved by the House were excluded from the Inflation Reduction Act, which Congress passed and was signed into law by President Biden. Rep. Maxine Continue Reading The post NAREB Calls on White House and Congress to Boost Black Homeownership and Close Wealth Gap appeared first on National Association of Real Estate Brokers.

For 75 Years, NAREB Has Advocated for Black Homeownership

By Olga Labovich • August 2, 2022
Annual Convention Returns to Tampa Where Organization was Founded The National Association of Real Estate Brokers (NAREB) kicks off its national convention in Tampa this week, as the organization celebrates its 75th anniversary. Founded in 1947 with the goal of securing equal housing opportunities for all Americans, NAREB advocates for policies and practices that increase Continue Reading The post For 75 Years, NAREB Has Advocated for Black Homeownership appeared first on National Association of Real Estate Brokers.
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