As affordability remains a challenge for many Americans seeking to buy a home, there is encouraging news: between 2013 and 2023, the U.S. homeownership rate rose, with 11.8 million more homeowners added during that decade, according to the National Association of REALTORS®' 2025 Snapshot of Race and Home Buying in America report.
However, despite these gains, racial and ethnic minorities—particularly Black and Hispanic families—continue to face greater barriers in buying and maintaining homeownership. While the market has presented significant challenges in recent years, with elevated mortgage rates and rising home prices, the past decade has still seen an increase in homeownership rates across all racial and ethnic groups.
Hispanic Americans experienced the largest increase, with their homeownership rate rising from 45.2% in 2013 to 51% in 2023—an increase of nearly six percentage points—representing over 3.5 million more Hispanic homeowners.
Asian Americans also saw substantial gains, with a 5.6 percentage point increase in their homeownership rate during the same period. That translates to approximately 1.6 million additional Asian households becoming homeowners.
White Americans experienced a more moderate increase of 3.6 percentage points, from 68.8% in 2013 to 72.4% in 2023.
Black Americans saw their homeownership rate rise by 2.8 percentage points, resulting in nearly 1.2 million more Black homeowners. While this upward trend is encouraging, the rate remains below 45%—still significantly lower than other groups—and the pace of growth has not kept up.
In fact, the report notes that the gap between Black and White homeownership has widened over the past decade—from 27 percentage points in 2013 to 28 points in 2023.
So, the question real estate professionals and policymakers must ask is: what can be done to close this gap?
There are many contributing factors to homeownership disparities—ranging from access to credit and mortgage denial rates to income inequality and generational wealth. Demographic trends also play a role. For example, age distribution affects homeownership potential; a younger, growing population may drive future gains, while an aging population may stabilize existing rates.
While this column only scratches the surface of NAR’s extensive report, one thing is clear: we need continued and expanded policies that not only support first-time homebuyers, but also help current homeowners sustain ownership—particularly in communities of color. That means addressing housing cost burdens, financial insecurity, and systemic barriers to homeownership.
If homeownership is a key to building long-term wealth and stability, it must be accessible—and sustainable—for all Americans.
