The rate of ownership for Black Americans, however, is lower than it was a decade ago.
The report says that just 43.4% of Black Americans owned a home in 2020 -- compared to 44.2% in 2010 -- and that Black and Hispanic buyers are denied home loans more than any other racial group.
File Photo by Alexis C. Glenn/UPI | License Photo
Feb. 23 (UPI) -- Home ownership in the United States surged by its greatest amount on record in 2020, but ownership rates for Black Americans remains lower than it was a decades ago, an analysis on Wednesday said.
The assessment by the National Association of Realtors says that overall American ownership in 2020 increased by 1.3% -- the steepest annual increase on record. It also showed 2.6 million additional homeowners compared to 2019.
The study, though, also shows that just 43.2% of Black Americans owned a home in 2020, compared with 72.1% of Whites, 61.7% of Asian Americans and 51.1% of Hispanics.
The Snapshot of Race and Home Buying in America report examines homeownership trends and challenges by race and location, and looks at characteristics of who is buying.
In 2020, just 43.4% of Black Americans owned a home, the report said -- compared to 44.2% in 2010.
"As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the unique challenges that minority home buyers face," Jessica Lautz, NAR vice president of demographics and behavioral insights, said in a statement.
"Housing affordability and low inventory has made it even more challenging for all ... but even more so for Black Americans."
The report notes that Black and Hispanic buyers also face extra challenges in obtaining a home loan. Seven percent of Black and Hispanic buyers were denied mortgages -- compared to 4% for Whites and 3% of Asian Americans.
Feb. 23 (UPI) -- Home ownership in the United States surged by its greatest amount on record in 2020, but ownership rates for Black Americans remains lower than it was a decades ago, an analysis on Wednesday said.
The assessment by the National Association of Realtors says that overall American ownership in 2020 increased by 1.3% -- the steepest annual increase on record. It also showed 2.6 million additional homeowners compared to 2019.
The study, though, also shows that just 43.2% of Black Americans owned a home in 2020, compared with 72.1% of Whites, 61.7% of Asian Americans and 51.1% of Hispanics.
The Snapshot of Race and Home Buying in America report examines homeownership trends and challenges by race and location, and looks at characteristics of who is buying.
In 2020, just 43.4% of Black Americans owned a home, the report said -- compared to 44.2% in 2010.
"As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the unique challenges that minority home buyers face," Jessica Lautz, NAR vice president of demographics and behavioral insights, said in a statement.
"Housing affordability and low inventory has made it even more challenging for all ... but even more so for Black Americans."
The report notes that Black and Hispanic buyers also face extra challenges in obtaining a home loan. Seven percent of Black and Hispanic buyers were denied mortgages -- compared to 4% for Whites and 3% of Asian Americans.
U.S. cities with average home price of $1 million tripled last year
By UPI Staff
Forty-four of the 146 new cities where the typical home price tops $1 million are located in California, and mostly in coastal regions like Los Angeles and San Francisco.
RELATED Investors buy record share of U.S. homes
Escalating prices have made it more difficult for homeowners to afford a property.
A 7% down payment for first-time buyers translates to an average of $70,000 for a million-dollar city.
By UPI Staff
Forty-four of the 146 new cities where the typical home price tops $1 million are located in California, and mostly in coastal regions like Los Angeles and San Francisco.
Photo by Terry Schmitt/UPI | License Photo
Feb. 23 (UPI) -- A record 146 cities in the United States gained million-dollar status -- where a typical home is valued at least that much -- in 2021.
The new cities crossing the threshold raise the total number of million-dollar cities to 481, according to Zillow.
Estimates show that 49 more cities could join the club by midyear as last year's numbers are almost triple those of 2020.
The average price of a home went up 19.6% last year to $408,100. That's $85,500 higher than in January 2020.
Home ownership had surged to the highest level on record in 2020, according to a survey released Wednesday by the National Association of Realtors. The assessment noted a decline in the number of Black homeowners.
The Zillow research showed Idaho, Tennessee and Montana gained million-dollar cities for the first time, while others, including Massachusetts, New York and California, added more million-dollar cities.
"We're seeing how the geography of wealth in the U.S. has begun to shift, as 2021 was the first year for both Idaho and Montana to place any cities on this list, and now those Western states boast three million-dollar cities each," Zillow said in its report.
Forty-four of the 146 new cities are located in California, and mostly in coastal regions like Los Angeles and San Francisco.
The most expensive city in the country is Indian Creek, an island in Biscayne Bay off Miami, where the typical home costs around $28 million and boasts owners like Tom Brady and Enrique Iglesias.
The surge in home prices comes as a result of a longstanding shortage of homes and an increased demand for homes during the COVID-19 pandemic.
Feb. 23 (UPI) -- A record 146 cities in the United States gained million-dollar status -- where a typical home is valued at least that much -- in 2021.
The new cities crossing the threshold raise the total number of million-dollar cities to 481, according to Zillow.
Estimates show that 49 more cities could join the club by midyear as last year's numbers are almost triple those of 2020.
The average price of a home went up 19.6% last year to $408,100. That's $85,500 higher than in January 2020.
Home ownership had surged to the highest level on record in 2020, according to a survey released Wednesday by the National Association of Realtors. The assessment noted a decline in the number of Black homeowners.
The Zillow research showed Idaho, Tennessee and Montana gained million-dollar cities for the first time, while others, including Massachusetts, New York and California, added more million-dollar cities.
"We're seeing how the geography of wealth in the U.S. has begun to shift, as 2021 was the first year for both Idaho and Montana to place any cities on this list, and now those Western states boast three million-dollar cities each," Zillow said in its report.
Forty-four of the 146 new cities are located in California, and mostly in coastal regions like Los Angeles and San Francisco.
The most expensive city in the country is Indian Creek, an island in Biscayne Bay off Miami, where the typical home costs around $28 million and boasts owners like Tom Brady and Enrique Iglesias.
The surge in home prices comes as a result of a longstanding shortage of homes and an increased demand for homes during the COVID-19 pandemic.
RELATED Investors buy record share of U.S. homes
Escalating prices have made it more difficult for homeowners to afford a property.
A 7% down payment for first-time buyers translates to an average of $70,000 for a million-dollar city.
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