A study of Census Data found that 15% of Americans are Black, but their homeownership rate is only 10%. Fla. cities included in the study ranked about average.
NEW YORK – The COVID-19 pandemic may have exacerbated racial income and wealth inequality in the U.S., according to a new study from LendingTree based on an analysis of U.S. Census data.
Black Americans comprise 15% of the population across the nation’s 50 largest metros. But they own only 10% of owner-occupied homes, researchers say. In certain metros, the mismatch is more pronounced.
The study broke down the largest 50 U.S. metro areas, which includes four in Florida. Overall, the Black homeownership rate is better in Jacksonville, Miami and Orlando than it is nationally, but less in Tampa. However, the overall homeownership rate gap – total Black population vs. the percentage of Black homeowners – is lowest in Tampa.
Black homeownership rank in Florida cities
- 25. Tampa: 12.17% Black with a 6.98% ownership rate – a 5.19% population/ownership gap
- 26. Orlando: 16.47% Black with a 11.09% ownership rate – a 5.39% gap
- 36. Miami: 21.05% Black with a 13.99% ownership rate – a 7.06% gap
- 39. Jacksonville: 21.32% Black with a 14.02% ownership rate – a 7.30% gap
“Unfortunately, the issue of low homeownership rates among Black Americans is unlikely to be resolved anytime soon,” says Jacob Channel, LendingTree’s senior economic analyst and the report’s author. “This is especially true given that the COVID-19 pandemic has had a disproportionately large economic impact on Black Americans, and may make it even more difficult for some who identify as Black to buy a home.”
According to Channel, Black Americans continue to face problems even if they own a home. “For example, 32% of Black homeowners reported that they felt their home was undervalued by an appraiser in a recent LendingTree survey.”
The National Association of Realtors® (NAR) issued a report in February – Black Homeownership Remains Disparately Low – that found similar results.
Overall, LendingTree researchers found that Black Americans make up a larger share of the population in metros with the largest differences in the percentage of Black owner-occupied homes.
They found that Memphis, Tenn., has the largest difference between the share of homes owned by Black residents and the share of the population that is Black. On the other hand, San Jose, Calif., had the smallest.
Source: “Black Americans Own Disproportionately Small Share of Homes in 50 Largest U.S. Metros,” LendingTree (April 5, 2022)
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