Minorities Owning More Homes in the US
Despite the current struggles homebuyers are facing in securing their riba-free homes, signs are looking great for minorities. A recent report revealed that homeownership across all racial backgrounds has increased, proving that the dream of owning a home is alive and thriving.
Let’s dive into the report and explore the details.
NAR Homeownership Report
The National Association of Realtors (NAR) recently published a report showing homebuying trends in the US for minorities. This report spans over 10 years, from 2013 to 2023, and provides those in the industry with an idea of how to adapt to shifting demographics.
Homeownership Breakdown by Race
Here’s a breakdown of minorities owning a home in America based on the NAR report:
African Americans
Though quite low at 2.8 percent or around a million homes over the 10 years, homeownership rates for African Americans show great improvement. Nearly half of homebuyers are first-time buyers, with a median down payment amount of 8% and income of $100,000. Mississippi, Delaware, and South Carolina are among the states with the highest homeownership rates for this group.
Hispanic Americans
Hispanics saw the largest increase in homeownership rates in the past 10 years, from 45.2% to 51% or roughly 3.5 million homes owned. Four out of 10 Hispanics who bought homes during this time were first-time buyers and are mostly situated in New Mexico, Vermont, and Michigan. With a median household income of $96,000, they can pay a median down payment amount of 13% of the home’s selling price.
Asian Americans
Nearly 1.6 million or 5.6% of homes in the US in the past 10 years are owned by Asian Americans. Main factors attributed to this growth are financial stability and educational attainment. The median household income of $135,000 and a down payment rate of 21%, the largest amongst race groups. Most states with Asian American homes include Hawaii, Florida, and Maryland.
Caucasians
From 2013 to 2023, homes owned by Caucasians increased by 3.6% or roughly 700,000 households. Homes are situated mostly in Delaware, Mississippi, and South Carolina. 20% of homebuyers within this group are purchasing a home for the first time. With a median household income of $110,000, this group makes around a 19% down payment for the home.
Homeownership Within Reach
This NAR report assures future homeowners that the American Dream of homeownership is a reachable goal. With some smart strategies, a reliable realtor, and support from your friendly neighborhood home acquisition partner ijaraCDC, you can move from a renter to a homeowner. Give our team a call to learn more about our investor-led home acquisition options and start your prequalification.
