According to the National Association of Real Estate Brokers (NAREB) 2024 State of Housing in Black America report, progress is not occurring in Black homeownership. This annual report highlights the housing affordability challenges prospective Black homebuyers are facing and how NAREB and others are working together to alleviate these issues.

From the report:

  • The Black homeownership rate continues to drop from its 2004 peak, reaching only 45.7% in 2023.
  • Modest increases in employment prospects and wages were not enough, as the homeownership rate between Black and white households continued to widen.
  • Black homebuyers are encountering appraisal bias during their homebuying experience.

NAREB has formed partnerships to assist in expanding homeownership and creating opportunities for Black professionals in housing and community development. To combat some of the adversities Black homebuyers are facing, NAREB’s suggested policy changes include the creation of a national homeownership tax credit program, the elimination of loan level price adjusters, and providing student loan debit relief.

The full report includes the rest of NAREB’s recommendations, a breakdown of mortgage loan data, and other insights into Black homeownership.