San Antonio's Black homeownership got a bump during the pandemic
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The rate of Black homeownership in San Antonio increased by nearly 4 percentage points during the pandemic, according to a new analysis of data from Zillow and the Home Mortgage Disclosure Act.
Why it matters: The increase could be an early sign that programs designed to make homeownership more accessible like down payment assistance are "starting to make a mark," Nicole Bachaud, a senior economist at Zillow, told Axios' Emma Hurt.
The big picture: However, the local Black homeownership rate remained about 24% less than white households in 2021, according to Zillow.
- Though the gap remains, it's narrower in San Antonio compared with other major Texas cities.
Between the lines: Throughout the pandemic, homes owned by Black San Antonians had the highest home value appreciation (39%) out of all homeowners. But Bachaud noted that likely reflects the fact that Black home values are lower than average, and lower-priced homes have been in high demand.
- The average Black-owned home in San Antonio is worth about $1,791 less than the overall average, per Zillow. For context, Black-owned homes across the country are, on average, worth $48,617 less than all others.
- The city's military population and veteran loans, as well as a generally low cost of living, could encourage higher rates of Black homeownership, according to Bobby Blount, chair of the San Antonio Area African American Community Fund.
Yes, but: Nearly one-third of Black Bexar County households are "cost burdened" or paying too much for housing, per the State of the African American Community in San Antonio and Bexar County report, released in 2022.
What they're saying: Blount tells Axios that homeownership was a central theme of the report.
- "We realized how critical home ownership was because that's going to determine education, environmental conditions, but it also determines equity to be able to get a business loan," Blount tells Axios.
- Blount is also concerned about the impacts the rapid gentrification of the East Side will have on Black homeowners there.