Washington, DC – April 28, 2021 – The National Association of Black Real Estate Brokers (NAREB) cautiously accepted the 1% increase of the Black homeownership rate as issued by the U.S. Census Bureau in its first-quarter 2021 report. The 45% rate, up from the fourth quarter 2020 rate of 44.1% comes at a time when Blacks were more impacted by the negative health and economic consequences of the pandemic.
From a historic vantage point, Black homeownership continues to lag nearly 30 percentage points behind the first quarter 2021 non-Hispanic White homeownership rate of 73.8%, reflecting decades-old disparities serving to repress the expansion of Black homeownership and wealth creation.
While relieved that the measured homeownership rate did not retreat, I am mindful of continued high unemployment rates among Black Americans, skyrocketing home prices, low housing stock inventories, uneven lending practices, and the ever-present student debt burden as factors that adversely affect the growth of Black homeownership. There are variations in real estate markets at a local level and therefore some may be experiencing brisk activity despite the continuing national economic downturn.
NAREB remains committed to expanding opportunities for Black Americans to purchase a home of their choice. The association’s multi-pronged approach includes a focused advocacy strategy designed to support legislative measures like the American Dream Down Payment Act along with initiatives that reduce burdensome student debt preventing GenX-ers and Millennials from becoming homeowners. In addition, NAREB continues to help Black consumers learn about the wealth-building aspects of homeownership and the importance of financial preparedness even in the face of these uncertain economic times.