Increase in Black Ownership Rates

First-Time Homebuyers and Market Representation

While White buyers constitute the largest share of total homebuyers at 83%, minority groups represent a larger proportion of first-time homebuyers. Among first-time buyers:

• 49% are Black
• 43% are Asian
• 41% are Hispanic
• 20% are White

“Today’s first-time homebuyers face significant affordability and credit access challenges,” Lautz noted. “Evaluating total homeownership costs—including utilities, insurance, and commuting expenses—is especially crucial for those entering the market for the first time.”

Long-Term Trends Show Mixed Progress

The overall U.S. homeownership rate reached 65.2% in 2023, higher than the 63.5% recorded a decade earlier. This growth represents approximately 11.8 million additional homeowners nationwide and marks a reversal from the decline observed in 2022.

Since 2013, Hispanic Americans have achieved the most substantial homeownership gains:

• Hispanic Americans: +5.8 percentage points (3.5 million additional homeowners)
• Asian Americans: +5.6 percentage points (1.6 million additional homeowners)
• White Americans: +3.6 percentage points (702,200 additional homeowners)
• Black Americans: +2.8 percentage points (nearly 1.2 million additional homeowners)

Despite incremental improvements for Black homeowners, the racial homeownership gap between Black and White Americans has actually widened over the past decade, now standing at 28 percentage points.

Rise in Black Homeownership 

Black Americans experienced the highest year-over-year increase in homeownership rates among all racial groups in 2023, according to the National Association of Realtors’ 2025 Snapshot of Race and Home Buying in America. Despite this encouraging growth, significant disparities persist in the housing market.

The Black homeownership rate rose to 44.7% in 2023, representing a 0.6 percentage point increase from the previous year. However, this rate remains substantially below that of White Americans (72.4%), Asian Americans (63.4%), and Hispanic Americans (51.0%).

“This data provides crucial insights into how different racial and ethnic groups navigate housing markets,” explained Jessica Lautz, NAR deputy chief economist and vice president of research. “It equips industry professionals with detailed local information about both challenges and successes.”

Demographics and Challenges

The report highlights key demographic shifts influencing homeownership patterns. One-third of Hispanic households fall within the prime homebuying age range of 25-40. Asian households in this same age bracket have increased by 34% since 2013, while young Hispanic households in Hispanic communities have grown by 21% over the same period.

Housing affordability challenges disproportionately affect minority communities:

• Nearly half of all renters spend more than 30% of their income on rent
• Black renters face greater affordability challenges than White renters in 46 states
• Black homeowners experience higher housing cost burdens in 39 states
• Mortgage application denial rates reveal significant disparities: Black (21%), Hispanic (17%), White (11%), and Asian (9%)

As housing markets continue to evolve, these trends underscore both progress and persistent inequities in the journey toward more equitable homeownership opportunities across America.

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