An upward trend in the rate of black homeownership, according to the U.S. Census Bureau 4th quarter 2019 report, has the National Association of Real Estate Brokers (NAREB) “cautiously optimistic,” according to a press release from the association.
The census report put the rate of black homeownership at 44 percent in the final fiscal quarter of 2019, up from 42.9 percent in the previous quarter and 40.6 percent in the second quarter.
It’s the highest rate for black homeownership since the fourth quarter of 2012, when the rate was 44.5 percent.
The back-to-back increases over the last two quarters suggests a trend, NAREB added.
NAREB noted that the rate still lags behind the non-Hispanic white homeownership rate of 73.7 percent for the fourth quarter of 2019.
The U.S. Census Bureau report noted an increase in the Hispanic homeownership rate, as well. That rate hit 48.1 percent in the fourth quarter of 2019. That’s up from 47.8 percent the previous quarter.
The rate for Native, Hawaiian, Asian, and Pacific Islander dipped to 57.6 percent in the fourth quarter, down from 58.5 the previous quarter.