ShareABC News – Good Morning America
The National Association of REALTORS® says the gap between Black homeowners and White homeowners has become even more extreme. This new data shows that homeownership rates are improving across minority groups, but the gap between White and Black homeowners is now worse than it was one decade ago. This analysis from the National Association of REALTORS® finds that 44% of Black Americans own a home. That rate is 51% of Hispanic households, and for Asian Americans, it’s 63%. Both of those are new record highs. Homeownership among White households stands at 72%. So, what accounts for this gap? Well, access to credit is a big factor. Research shows that it’s also more difficult for minority households to get favorable terms on a mortgage. The housing gap between Black and White Americans also mirrors a growing income gap. So, 10 years ago, White households earned on average $21,000 per year more than Black households. That has not increased to nearly $28,000 more. To try to boost homeownership – especially for first-time buyers – the federal government does offer FHA loans where you can put down a 3% down payment instead of the traditional 20%.