Black Americans face an alarming disparity in homeownership rates, a key driver of generational wealth. According to the 2024 State of Housing in Black America (SHIBA) report, Black homeownership stands at just 45.7%, compared to 74.3% for White households. This gap reflects systemic barriers, including discriminatory lending practices, limited access to affordable housing, and entrenched economic inequities.
Dr. Courtney Johnson Rose, a leading voice in addressing these issues, emphasizes the urgency: “The 2024 SHIBA report confirms that we are in a State of Emergency with 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%.”
HomeFree-USA recognizes these challenges and has dedicated itself to empowering families of color through financial literacy, homeownership education, and innovative programs like the Mortgage Approval Program. By partnering with donors, real estate professionals, and community leaders, HomeFree-USA aims to reduce barriers and provide pathways to sustainable homeownership.
Efforts to close the racial wealth gap must address systemic issues, such as predatory lending and housing affordability, while also equipping individuals with tools to navigate the real estate market. The SHIBA report underscores that improving Black homeownership is not just a policy issue but a moral imperative. As organizations like HomeFree-USA work to uplift communities, we take a step closer to economic equity for all.
Learn more about HomeFree-USA’s initiatives and how you can contribute to bridging the wealth gap here. For further details on the 2024 SHIBA report, visit the National Association of Real Estate Brokers.
