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Black homeownership rate ticks up in 2019 second half

Posted by   /  February 19, 2020  /  No Comments

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Builder Magazine

At the end of 2019, 44% of black households owned their home.

The homeownership rate for black households jumped 3.4 percentage points over the second half of 2019, bringing it from a three-decade low to back near historic averages, according to a new analysis by Zillow out Tuesday.

The black homeownership rate posted gains during the last half of the 20th century, then suffered an outsized drop during the mid-2000s housing bust before these recent signs of a bounce back.

The rate of homeownership for black households rose from 41.6% in 1970 to a peak of 46.5% in 2007. But homeowners of color were hit the hardest during the Great Recession, and by 2016 the black homeownership rate had plummeted all the way below 1970 levels. At the end of 2019, 44% of black households owned their home, an increase from lows hit during 2016 but still below the 2007 peak.

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  • Published: 3 months ago on February 19, 2020
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