Key Highlights
- Between 2016-2019, 71% of Caucasian Americans owned homes, according to the National Association of REALTORS® (NAR).
- 41% of African Americans were homeowners
- 45% of LatinX Americans were homeowners
- 53% of Asian Americans were homeowners
The National Association of REALTORS® (NAR) just released its latest study on race and homeownership in America. NAR gleaned the data for this study from American Community Surveys and from public records kept by local housing departments throughout the country.
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Here are NAR’s current statistics on race and homeownership:
Caucasian Americans – 84% of survey respondents
32% rejected for mortgage loans due to debt-to-income ratios
5% rejected for mortgage loan applications
$30,000 was typical student debt loan amount
Median age – 48
30% – first-time buyers
Median income – $94,5500
Median home price – $255,000
Median square footage – 1,900 sq.’
62% – married couple
17% – single female
9% – single male
9% – unmarried couple
83% bought single-family home
11% bought either town home or condominium
89% bought via agent/broker
LatinX Americans – 7% of survey respondents
50% rejected for mortgage loans due to low credit scores
4% rejected for mortgage loan applications
$25,000 was typical student debt loan amount
Median age – 41
54% first-time buyers
Median income – $81,250
Median home price – $255,000
81% bought single-family home
13% bought townhome/condominium
18% bought multi-family home
63% married couple
17% – single female
6% – single male
9% – unmarried couple
90% worked with agent/broker
Asian Americans – 5% of survey respondents
22% rejected due to insufficient down payment
4% rejected for mortgage loan application
$38,000 was typical student debt loan
Median age – 38
59% wanted proximity to work site
Median income – $111,770
Median home price – $435,000
51% first-time buyers
Median square footage – 2,060 sq.’
78% married couple
7% single female
6% single male
84% bought single-family home
11% bought condominium/townhome
79% bought existing home
African Americans – 4% of survey respondents
62% rejected for mortgage loan due to debt-to-income ratio
13% rejected for mortgage loan application
$38,060 was typical student loan debt
Median age – 48
Median income – $75,000
51% first-time buyers
77% bought existing home
Median home price of $228,000
Median square footage – 1,800 sq.’
49% married couples
34% single female*
9% single male
7% unmarried couples
25% compromised on price
22% bought multi-family home
77% bought existing single-family home
88% worked with agent/broker
Thanks to the National Association of REALTORS®( NAR) for source data.
Also read: Be the Agent a Buyer/Seller Turns to for Help, Who Are the Power Players in Real Estate in 2020?, Residents Moving from Too Expensive California
