The Minority Homeownership Gap in Georgia Is Worse Than the National Average
Staff Report
Friday, February 24th, 2023
Homeownership offers the opportunity to accumulate wealth and keep housing costs relatively consistent over time, both of which contribute to financial stability. However, homeownership benefits have not been experienced equally. Significant racial disparities in homeownership rates have persisted for decades, leading to large racial wealth gaps for some minority groups.
The minority homeownership gap, defined here as the difference between the White homeownership rate and the minority homeownership rate, hovered around 25 percentage points for years. In 2021, record low interest rates helped push the minority homeownership rate past 50% for the first time since 2007. The White homeownership rate ticked upwards as well, to over 73%. While the homeownership gap dropped slightly to 22.3% in 2021, minority homeownership continues to significantly lag behind that of White Americans.
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