Last month, the National Mortgage News reported that non-banks made nearly two-thirds of all traditional home purchases, a meaningful increase. For instance, 7.9% of these mortgages went to African American borrowers, up from 7.3% in the previous year. Asian households had a 7.1% home lending market share, improving on 5.5% in 2020, while Hispanic borrowers received 9.2% of the loans. Additionally, the share of conventional purchase loans made to borrowers from underrepresented communities also increased.
It is still evident, however, that a significant homeownership gap exists in cities across the country. An Axios DC analysis found that as the black population of the nation’s capital continues to decrease, the homeownership gap between black and white District residents continues to grow. According to the DC Mayor’s office, 34% of DC homeowners are black, compared to 49% percent of white residents. However, some cause for optimism can be found as the number of total black homeowners increased by nearly 4,000 in 2019.