Who owns a home in North Carolina
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More people of color have become homeowners over the past decade, but a wide racial gap remains, according to a recent report.
Why it matters: Owning a house is how most people in America build wealth and pass it down to younger family members.
The big picture: Some racial and ethnic groups are seeing faster homeownership gains than others, per the report by the National Association of Realtors (NAR).
- Barriers include worsening affordability and unequal credit access, researchers say.
Zoom in: In North Carolina, the Black homeownership rate was 48% in 2023 — above the national average.
- The rates for white households (74%), Asian households (67%) and Hispanic households (52% ) were also above the national average.
By the numbers: The U.S. homeownership rate for Black households was around 45% in 2023, up from roughly 42% in 2013, NAR's analysis of Census Bureau data shows.
- It's still below the rates for white households (72%), Asian households (63%) and Hispanic households (51%).
What they found: Hispanic and Asian American households recorded the biggest jumps in homeownership rates, according to the report.
- That's partly because of rapid population growth, especially among younger people looking to buy homes, and increased economic stability, the authors note.
What we're watching: Aspiring homeowners are often left paying expensive rents that eat into their incomes.
- "For many, this limits their ability to accumulate savings, qualify for a mortgage, and transition to homeownership in a competitive market," the report's authors write.