Homeownership has risen nationwide over recent years but remains low for Black and Latino Americans.
Those populations have faced increased challenges during the pandemic, with layoffs and furloughs that have exacerbated their inability to purchase homes, according to a new study by United Way of the National Capital Area. But the study finds that some states are seeing improved rates in homeownership in those groups, in part due to policies and programs designed to create a more equitable housing market, the organization said.
United Way of the National Capital Area ranked the 50 states to uncover trends in Black and Latino homeownership, measuring criteria such as median household income, unemployment rate, homeownership rate, and the number of U.S. Department of Housing and Urban Development loans filed.
Homeownership is strongest for Black and Latino residents in Maryland, largely due to the high annual incomes and low unemployment rates in the state, the study found. The median household income for Black and Latino residents in Maryland is $70,171, higher than that in other states. (For comparison, the national average household income for the two cohorts is $46,859.)
Also helping Maryland top the list: The unemployment rate for its Latino and Black residents is 7.15%, significantly lower than other states and lower than the national average unemployment rate of 9.73% for the group, the study said.