The share of Hispanic, Black and Asian Americans who own a home grew over the past decade despite soaring interest rates in the past few years, according to the National Association of Realtors.
Why it matters: Homeownership is "Americans' biggest asset," says Jessica Lautz, deputy chief economist and vice president of research for the association.
- "We know the typical homeowner has nearly $400,000 in wealth in comparison to the typical renter who has just over $10,000 in wealth."
Details: A report by NAR released Tuesday shows that Asians and Hispanics had the largest gains in homeownership rates from 2012 to 2022, while Black Americans had the smallest.
- 63% of Asian Americans owned a home in 2022, compared to 57% in 2012.
- Hispanics' share hit a record 51% in 2022, up from slightly more than 45% in 2012.
- Black Americans' rate went from 42.5% in 2012 to 44% in 2022.
- White Americans continue to have the highest ownership rates, increasing from 69% to 72% in the same time frame.