Data: Urban Institute analysis of Census Bureau data. Map: Jared Whalen/Axios
Black and Latino homeownership rates increased significantly from 2019 to 2021, Axios Markets' Emily Peck writes from the Census Bureau's American Community Survey (ACS) data, analyzed by the Urban Institute.
Why it matters: The increase comes after years of decline in the wake of the Great Recession — and despite the fact that the economic hardships of COVID fell disproportionately on those groups.
🧠 Reality check: The period of progress might have been fleeting. High mortgage rates are now pricing many buyers, particularly first-timers, out of the market.
What happened: Record low mortgage rates and COVID-era government fiscal support drove up homeownership for white buyers, too — but their increase was relatively small.
Black homeownership increased two points to 44%, according to ACS data. Hispanic homeownership rose 2.5 points to 50.6%.
White homeownership ticked up 1.2 points to 73.3%.
The increase was larger for Black and Latino buyers because their homeownership rates were so much lower to begin with, said Mike Calhoun, president of the Center for Responsible Lending.
How it happened: Stimulus checks and the student-loan payment pause helped people save for down payments.
Rising rents pushed some to buy, The Washington Post points out in its own analysis.
The bottom line: While the increases in homeownership rates are notable, the racial homeownership gap barely budged.
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