Black housing in America reveals urgent state of Black homeownership

By Michael K. FrisbyMike@frisbyassociates.comATLANTA, GA – The National Association of Real Estate Brokers (NAREB) 2024 State of Housing in Black America (SHIBA) report reveals a troubling environment for bolstering Black homeownership in the U.S. The two best-performing demographics for African Americans – Black female-headed households and millennials – both declined in home sales in 2023.The report authors, James H. Carr and Michela Zonta, meticulously present facts, statistics, and analysis, underscoring the persistent barriers that hinder Black homeownership. The homeownership rate among Black households was 45.7% in 2023, a sharp contrast to the 74.3% among White households and a significant drop from its peak of 49% in 2004.“The 2024 SHIBA report confirms that we are in a State of Emergency with Black homeownership,” said NAREB President Dr. Courtney Johnson Rose. “The SHIBA report underscores that there has been little progress in increasing Black homeownership. The past two years have been tough, but even before 2021, Black homeownership was either falling or stagnant and remains far from its pre-2004 high of nearly 50%.”Dr. Rose said that the fall in Black millennial applications and originations, in particular, is “exceptionally troubling” because those home buyers significantly contribute to the potential for long-term wealth accumulation...