Black Mortgage Applicants Denied at More Than Twice the Rate of Whites
Overall denial rates for conventional mortgages have fallen for almost a decade, a sign of progress that nevertheless conceals a stark divide in the housing market: Black applicants for conventional mortgages are denied at more than twice the rate of white applicants.
Black and White Homeownership Rate Gap Has Widened Since 1900
In 1900, the gap in the homeownership rate between black and white households was 27.6 percentage points. It's now 30.3 percentage points, the widest among whites, blacks, Hispanics and Asians – although the difference between white and Hispanic homeownership rates has more than tripled. Asians have seen the largest gains, although their homeownership rate still lags whites.
Why White and Asian Home Buyers Have an Advantage Over Black, Hispanic Buyers
A white American household could reasonably afford a home almost two-thirds more expensive than a black household in 2017, giving them significantly more flexibility to find an affordable home last year in an incredibly competitive housing market marked by low inventory.
