The share of Hispanic and Asian Americans who own homes in the United States has reached historic peaks, hitting all-time highs in 2022 despite soaring mortgage rates, according to a new report.
Homeownership rates rose by 6% among Asian Americans from 2012 (57%) to 2022 (63%). Hispanic homeownership also hit a record, rising by 6 percentage points to 51% in 2022 from 45% in 2012, per recently released report notes from the National Association of Realtors (NAR).
Homeownership among Latinos was highest in New Mexico and Mississippi, while Asian American homeownership had the highest rates in Hawaii, Maryland, and South Carolina.
The growth in homeownership among Hispanic and Asian Americans outpaced the rates among White Americans, which has not changed since 2017 when it reached around 70%.
"Minority homeownership gained ground this year, with Asian and Hispanic homeownership hitting record highs," Jessica Lautz, NAR deputy chief economist and vice president of research, said.
Homeownership Remains A Challenge For Black Americans
In the same period, homeownership rate among Black Americans also increased, rising from 42.5% in 2012 to 44% in 2022. However, homeownership among Black Americans remains far lower than White, Hispanic, and Asian rates.
"While the gains should be celebrated, the pathway into homeownership remains arduous for minority buyers." Lautz noted.
Data from the NAR also showed significant disparities in housing affordability for homeowners across racial groups. In Colorado, for instance, 41% of Black Americans spend more than 30% of their income on housing, compared to 24% of White homeowners. The gap widens to 30% between Black and White homeowners in Hawaii and Iowa.
Additionally, Black and Hispanic home buyers are seeing significant hurdles in securing mortgage loans. At least 26% of Black Americans and 22% of Hispanic applicants experience higher denial rates for mortgage applications. In comparison, only 16% of White and 15% of Asian Americans are being denied mortgages, the NAR noted, citing data from the Home Mortgage Disclosure Act.
Black home buyers have the highest share of student loan debt at 41%. The median amount of student loan debt among Black Americans is $46,000.
READ NEXT: Middle-Class Earners Won't Be Able To Afford Homeownership in 5 Years: Experts
