Home ownership in U.S. rose in 2020 by highest rate on record, survey says

Feb. 23 (UPI) -- Home ownership in the United States surged by its greatest amount on record in 2020, but ownership rates for Black Americans remains lower than it was a decades ago, an analysis on Wednesday said.

The assessment by the National Association of Realtors says that overall American ownership in 2020 increased by 1.3% -- the steepest annual increase on record. It also showed 2.6 million additional homeowners compared to 2019.

The study, though, also shows that just 43.2% of Black Americans owned a home in 2020, compared with 72.1% of Whites, 61.7% of Asian Americans and 51.1% of Hispanics.

The Snapshot of Race and Home Buying in America report examines homeownership trends and challenges by race and location, and looks at characteristics of who is buying.

In 2020, just 43.4% of Black Americans owned a home, the report said -- compared to 44.2% in 2010.

"As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the unique challenges that minority home buyers face," Jessica Lautz, NAR vice president of demographics and behavioral insights, said in a statement.

"Housing affordability and low inventory has made it even more challenging for all ... but even more so for Black Americans."

The report notes that Black and Hispanic buyers also face extra challenges in obtaining a home loan. Seven percent of Black and Hispanic buyers were denied mortgages -- compared to 4% for Whites and 3% of Asian Americans.