60% Black Homeownership: A Radical Goal For Black Wealth Development

A radical increase in Black homeownership is needed to see progress in bridging Black and White homeownership and wealth inequality. One of the defining factors of economic well-being for individuals and families is household net worth or wealth, but not all families are equal. Decades of racial injustice and economic inequality have led to persistent disparities in wealth, specifically for people of color. One of the foundational steps in building wealth is homeownership. Today, the homeownership rate for African Americans[1] is approximately 42% – 45%, essentially unchanged from the rate decades ago and widening over the last a few years. This report highlights historic Black homeownership rates, and underscores the need to significantly increase homeownership rates for Black Americans. We believe reaching a 60% Black homeownership rate will address significant barriers to housing access and wealth creation for the African American community. Read More