Minority Homeownership Gaps Persist.

Minority homeownership stubbornly lags behind the national rate, with black Americans facing some of the toughest hurdles to achieving this essential part of the American Dream, according to the National Association of Realtors. The homeownership rate for black Americans is 42%; for whites, 64.2%; with the rates for Asian and Hispanic Americans at 60.7% and 48.1%, respectively.

NAR's report examines the homeownership rate among each race using American Community Survey data by state over a 10-year period. "This data reinforces the need to implement key policy initiatives NAR developed in concert with the Urban Institute and the National Association of Real Estate Brokers to address the black homeownership gap," says Charles Oppler, president of NAR "Specifically, this five-point plan calls on the nation to: advance policy solutions at the local level; tackle housing supply constraints and affordability; promote an equitable and accessible housing finance system; provide further outreach and counseling initiatives for renters and mortgage-ready millennials; and focus on sustainable homeownership and preservation initiatives."

Regarding home affordability nationwide, 43% of black households can afford to buy the typical home compared to 63% of white households, 71% of Asian households, and 54% of Hispanic households, according to the study. Wide variances in affordability exist by state. For example, more than 60% of black households can afford to buy a home in Alaska, Kansas, Nebraska, South Dakota, and Vermont. However, less than one-third of black households can afford to purchase a home in California, Colorado, Hawaii, Massachusetts, Montana, Nevada, Oregon, Utah, Washington state, Wyoming, and the District of Columbia There are only four states where less than half of white households can afford to buy a home: California, Hawaii, Oregon and Washington state. More than half of Asian households can afford to purchase a home in all but six states--California, Colorado, Hawaii, Montana, North Dakota, Wyoming--and the District of Columbia

Some 23% of Asian Americans and 18% of Hispanic Americans purchased a multi-generational home over the last decade, with "spending time with aging parents" and "saving money" listed as the primary reasons for those decisions. Fifteen percent of black Americans and 10% of white Americans bought a multi-generational home as both segments said a top driver was adult children or relatives moving back into the...