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Reproduced from the National Association of Realtors; Chart: Axios Visuals

The homeownership rate for Black families is nearly 30 percentage points lower than that for white families, according to a new data analysis by the National Association of Realtors, which examined trends between racial groups from 2009 to 2019.

Why it matters: The report comes as President Biden has signed an executive order on racial inequity, directing his administration to take steps toward eliminating "racial bias and other forms of discrimination in all stages of home-buying and renting."

By the numbers: The homeownership rate for Black Americans is 42%, compared to white, Asian and Hispanic Americans who own homes at rates of 69.8%, 60.7% and 48.1%, respectively.

  • Just 43% of Black households can afford to buy the typical home compared to 63% of white households, according to the study.
  • Black Americans were the only group that saw a decline in homeownership rates from 2009 to 2019, and were "the group most affected by declines in homeownership rates before, during and after the Great Recession," the report says.

Driving the news: Black applicants were rejected for mortgages 2.5 times more than white applicants. The report highlights debt-to-income ratio as the most frequent reason lenders declined to approve loans to Black applicants.

  • Black applicants are twice as likely to be saddled with student debt than white applicants, with Black households having a median student loan debt of $40,000, compared to $30,000 for white households.
  • Low credit scores, unverified income, too little money in reserves and insufficient down payments are also listed as reasons lenders declined home loans to Black applicants.
  • Black and Hispanic applicants were three and two times more likely, respectively, than white and Asian Americans to tap into their 401(k) or pensions as a down payment for a home.

Go deeper

Miriam Kramer, author of Space
Feb 16, 2021 - Science

Scientists seek better understanding of black holes from star cluster

NGC 6397 seen by the Hubble Space Telescope. Photo: NASA/ESA/STScI

A cluster of stars 7,800 light-years away has a group of relatively small black holes hiding in its center.

The big picture: By learning more about this unexpected arrangement of stars and black holes, scientists might be able to piece together a better understanding of the complexities around how black holes behave.

Investors' inflation expectations are pushing up borrowing costs

Data: U.S. Department of the Treasury; Chart: Michelle McGhee/Axios

Bond investors are looking past last week's tepid consumer price index report that showed U.S. inflation rising at just 1.4% and continue selling out of Treasury bonds in a big way, pushing yields from the benchmark 10-year note to their highest since mid-March on Friday.

Why it matters: Even at their still historically low levels, the market's rising inflation expectations are beginning to have an impact on the real economy by pushing mortgage, credit card and auto loan rates higher, making them more expensive for consumers.

Pelosi announces bid for re-election ahead of 2022 midterms

House Speaker Nancy Pelosi (D-Calif.) announced her bid for re-election Tuesday, amid a deluge of other safe-seat Democrats announcing their retirements.

Why it matters: Pelosi’s announcement follows months of speculation — despite her denials — that she was preparing to leave Congress.