Zürcher Nachrichten - US home ownership jumps, but race gap widens: data report

EUR -
AED 4.328809
AFN 82.32194
ALL 97.94282
AMD 453.235397
ANG 2.109145
AOA 1080.722757
ARS 1448.704312
AUD 1.793086
AWG 2.121376
AZN 2.031031
BAM 1.954659
BBD 2.379911
BDT 144.595584
BGN 1.954441
BHD 0.444297
BIF 3511.350038
BMD 1.178542
BND 1.500824
BOB 8.145245
BRL 6.397954
BSD 1.178712
BTN 100.500327
BWP 15.57091
BYN 3.857448
BYR 23099.422319
BZD 2.367718
CAD 1.601314
CDF 3400.09344
CHF 0.935026
CLF 0.028472
CLP 1092.31966
CNY 8.444725
CNH 8.438142
COP 4707.70941
CRC 595.052602
CUC 1.178542
CUP 31.231362
CVE 110.200664
CZK 24.651326
DJF 209.89746
DKK 7.461714
DOP 70.458865
DZD 152.874592
EGP 58.170709
ERN 17.678129
ETB 162.592277
FJD 2.634868
FKP 0.865172
GBP 0.862964
GEL 3.205274
GGP 0.865172
GHS 12.199878
GIP 0.865172
GMD 84.268441
GNF 10220.033439
GTQ 9.062709
GYD 246.606029
HKD 9.25149
HNL 30.796021
HRK 7.532029
HTG 154.769644
HUF 399.611163
IDR 19116.480855
ILS 3.955629
IMP 0.865172
INR 100.612561
IQD 1544.098539
IRR 49646.07983
ISK 142.414863
JEP 0.865172
JMD 188.310063
JOD 0.835601
JPY 169.552703
KES 152.303394
KGS 103.063387
KHR 4731.237855
KMF 492.63034
KPW 1060.719093
KRW 1605.021252
KWD 0.35962
KYD 0.982327
KZT 612.462438
LAK 25398.172285
LBP 105612.942075
LKR 353.623551
LRD 236.332027
LSL 20.643348
LTL 3.479928
LVL 0.712888
LYD 6.347294
MAD 10.575626
MDL 19.849412
MGA 5176.977627
MKD 61.504051
MMK 2474.002727
MNT 4225.405565
MOP 9.530036
MRU 46.747708
MUR 52.880919
MVR 18.14229
MWK 2044.006688
MXN 22.146442
MYR 4.976963
MZN 75.379359
NAD 20.643348
NGN 1801.519941
NIO 43.374677
NOK 11.877523
NPR 160.800123
NZD 1.942211
OMR 0.453159
PAB 1.178712
PEN 4.197949
PGK 4.866159
PHP 66.38768
PKR 334.497117
PLN 4.249392
PYG 9397.513635
QAR 4.295592
RON 5.060894
RSD 117.185988
RUB 92.898619
RWF 1693.211486
SAR 4.419782
SBD 9.825415
SCR 17.01932
SDG 707.691851
SEK 11.253896
SGD 1.500555
SHP 0.926149
SLE 26.45788
SLL 24713.439845
SOS 673.606741
SRD 44.012627
STD 24393.439003
SVC 10.313979
SYP 15323.143366
SZL 20.652943
THB 38.157066
TJS 11.427628
TMT 4.136682
TND 3.429098
TOP 2.760261
TRY 46.977858
TTD 7.986337
TWD 34.066105
TZS 3107.271779
UAH 49.216967
UGX 4228.53134
USD 1.178542
UYU 47.222431
UZS 14842.334892
VES 129.019113
VND 30877.799222
VUV 140.18651
WST 3.066014
XAF 655.574269
XAG 0.031993
XAU 0.000352
XCD 3.185068
XDR 0.814826
XOF 655.574269
XPF 119.331742
YER 285.383588
ZAR 20.651705
ZMK 10608.311781
ZMW 28.436399
ZWL 379.490029
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

US home ownership jumps, but race gap widens: data report
US home ownership jumps, but race gap widens: data report

US home ownership jumps, but race gap widens: data report

US home ownership jumped at an historic rate in 2020, but a racial gap widened as more Black households were priced out, according to a report released Wednesday.

Text size:

Low interest rates helped fuel a 1.3 percent rise in home ownership in 2020, the biggest annual increase since the US Census Bureau began tracking the data in 1960, according to a report by the National Association of Realtors (NAR).

But it showed the persistence of a racial ownership gap in the United States that the report says has actually widened as home prices have soared.

Home ownership of Black Americans was 43.4 percent in 2020, below the 44.2 percent in 2010, although it rose 1.4 percent in 2020 from 2019.

That increase is below that of white and Hispanic households.

"This is the only race/ethnic group whose homeownership rate is lower than 10 years ago," the NAR report said. "As a result the home ownership gap between White and Black households became even larger in 2020."

Home prices have soared nearly 30 percent since 2019, which means a typical home is about $80,000 more expensive than before the coronavirus pandemic, a reflection of tight inventories, NAR said.

Among other groups, 72.1 of white households owned homes in 2020, compared with 61.7 percent of Asian households and 51.1 percent of Hispanic households.

The difference in home ownership has been seen as a critical component of the persistent US racial wealth gap highlighted by the Biden administration.

However, legislative efforts to directly address racial inequity have repeatedly faced legal challenges in the Biden years on programs such as restaurant aid and support for farmers.

The NAR report said Black Americans have the highest mortgage denial rates, saying that "low income seems to be the main reason" for the rejections.

But the report also pointed to survey results that nearly half of African-American households were steered away from specific neighborhoods, a similar level to that experienced by Latinos and Asians.

Black and Asian households also said they encountered more strict lending requirements due to discrimination, the NAR report said.

P.Gashi--NZN