Black Gen Zers and Millennials Are Half As Likely to Own Their Home As White Counterparts
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Redfin reports 14% of Black Gen Zers and 32% of Black millennials own their home, roughly half the rate of white Gen Zers and millennials SEATTLE--(BUSINESS WIRE)--One in seven (14.2%) Black Gen Zers own their home nationwide, compared to nearly one in three (31.6%) white Gen Zers. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.The gap is similar for millennials: 32% of Black millennials own their home, compared to 66.6% of white millennials.Homeownership Rate Has Declined For Black Gen Zers and Millennials, Risen For White Gen Zers and MillennialsBlack Gen Zers’ homeownership rate was 16.3% in 2023, compared to 14.2% today. Black millennials’ rate was roughly 33% in 2023, compared to 32% now. The homeownership rate declined for Black Gen Zers and millennials because many people in those categories who formed a new household—such as by moving out of a parent’s home—ended up renting rather than buying.For white Gen Zers, the homeownership r
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- Affordability Is Improving: Buyers Must Earn $111,000 to Afford the Typical Home, Down 4% From Last YearBusiness Wire
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