Minority homebuyers face an uphill climb when it comes to buying a home. No matter where you live, the challenges of purchasing a home, including having the necessary down payment, can be challenging.
10 Roundup of Minority Women Homebuyer Statistics
Consider the following statistics about minority homebuyers.
Hispanic and Latina women make up just 6% of the single female homebuyers in the US, according to the National Association of Realtors (NAR).
Black and African women make up 8% of the single female homeowners in the US, according to NAR.
Asian and Pacific Islander women make up just 3% of the single female homeowners in the country, according to NAR.
In women who were born as a part of the Older Boomers and Silent Generation, 9 out of 10 female home buyers were white (NAR).
In the Younger Millennials age group, those born between 1990 and 1998, 32% of the female home buyers are women of color, the most diverse generation followed by the NAR.
In 2023, the median age for a single female home buyer was 55. However, for Black and African American women, that median age was 47. ( NAR)
For first-time home buyers, the median age of purchase in Black and African American women was 43. For White women first-time home buyers, that age was 37, and for Hispanic and Latina women, the first-time home buyers median age was 35. (NAR)
A Pew Research study found that in 2022, single women owned more homes than single men did, with single women owning 58% of the nearly 35.2 million homes owned by an unmarried person.
From 1990 through 2019, Black women increased their homeownership rate by 5.6%, while Black men’s homeownership rates dropped by 8% (Pew Research).
As home prices rose in 2020 and 2021, a NAR study found that Black homeownership had an average year-over-year growth rate of 10.4%, faster than Black men’s recovery rate.
Tips on Buying a Home as a Minority
Is it harder to buy a home as a Minority? It certainly could be. According to a study called The Double Trouble of the Housing Market, the homeownership rate for White men and women was around 70% in 2017, but for Black and African Americans, that rate was below 40%.
Some of the most common reasons for this include:
Lower credit scores
Discriminatory lending practices
Discriminatory appraisal practices
If you want to buy a home, it is critical to know what your rights are. In the US, it is illegal for discrimination based on race, color, religion, sex, or sexual organization (among other factors) to play a role in your ability to obtain a loan or purchase a home. While this may be the law, it is often not the reality.
Benefits of Homebuying as a Minority
Owning a home as a minority offers a wide range of benefits. That includes:
Closing the racial wealth gap. Homeowners tend to fare better over the long term by owning their homes than those who rent.
Tax deductions can lower income taxes for homeowners, which are not available to those who rent.
It may also help save on rental costs over the long term. Eventually, the mortgage is paid off, making the cost of living more affordable.
Equity in homeownership is outstanding and works as a tool to provide low-cost borrowing when needed.
There are clear economic benefits to increasing minority homeownership both for the country itself and for the home buyer, as noted by HUD.
Grants or Programs for Homebuying as a Minority
The question of buying a home as a minority comes down to one big factor. How? There is a wide range of programs and resources available that may offer help to you. The key to this is to seek out homebuying programs within your state.
Consider these resources to help you start on that path.
The US Department of Housing and Urban Development offers state-specific homebuying programs, down payment assistance, and grants in each state. Click on your state’s name to find a list of all programs in your area.
When it comes to buying a home, it is critical that you know your rights and the opportunities available to you.
