There is no denying that the Black community lags far behind in household wealth and homeownership rates. There are a variety of reasons for this. The goal of the Black Brokers Network is to connect our community to real estate professionals who understand the challenges and help remove as many barriers as possible.

Below are some interesting statistics that document where the Black community stands with homeownership.

Here is the good news:

• Zillow recently found Black-owned home values appreciated 42.5% since the start of the pandemic to January 2023. This was much higher than 38.2% for overall home values and 37.8% for white home values. A typical Black homeowner generated an increase of nearly $84,000 in equity.
• The New York Times recently shared that as of April 2023 the gap of those Black unemployed men compared to white unemployed men had dropped to 1.6%. It has traditionally been a 6-7% difference.
• The National Association of Realtors (NAR) recently shared that Black female homeownership rates jumped 10.4% between October 2018 and September 2021. It was even stronger (18.1%) between June 2020 and September 2021. Between 1990-2019, Black women were at 5.6%.
• Between June 2020 and September 2021, the homeownership rate of Black males jumped 11.5% higher.

But we still face a lot of challenges and concerns:

• The U.S. Census Bureau shows that the Black homeownership rate is just 45.5%. This is far below the figure for non-Hispanic whites (74.5%), the Hispanic and AANHPI communities. Our homeownership rate has dropped from 47.0% prior to the pandemic.
• The Federal Reserve added that the Black homeownership dropped nearly 20% since 2008. But we are up from 1960 when 38% of Blacks owned homes.
• NAR found that only 7% of all homebuyers between June 2021 and July 2022 were Black. 81% were white.
• NAR also shared that 36% of new Black homeowners reported that discrimination was a concern for them during the buying process. This was the most of any diverse group.
• The Federal Reserve recently reported that Black families owned on average 24 cents for every $1 of white family wealth.
• NAR recently found that Black homeowners were able to accumulate over $115,000 in wealth in the last decade. This was the smallest wealth gains among any other racial or ethnic group.