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African-American Homeownership Rebounding

African-American homeownership rose 3.4 percentage points during the second half of 2019—bringing it back to frown a three-decade to near historic averages—Zillow reports. 

The share of African-American homeownership rose from 41.6% in 1970 to 46.5% in 2007. However, that rate fell during the Great Recession to below 1970 levels. 

Forty-four percent of African-Americans owned homes by the end of 2019. 

Additionally, African-American homeownership trails the share of non-African-American households in the 45 largest metros studied. 

Homeownership has been a key path to wealth creation and stability for generations of Americans," said Jeff Tucker, a Zillow economist. "It appears that now, more than 10 years after a housing bust that hit black homeowners the hardest, more black families are beginning to move into homeownership. The remaining gap from the 2007 peak shows a long road ahead in the recovery, but this is a step in the right direction."

Sacramento, California, has since the largest increase since during the past decade, with the share of African-American homeowners rising 7.8 percentage points. Phoenix reported a 5.4 percentage-point increase, San Francisco saw that rate rise by 4.4 percentage points, and Portland, Oregon, had an increase of 3.9 percentage points. 

African-American households have closed the gap the most in Sacramento; Orlando, Florida; and Cincinnati. 

Birmingham, Alabama, has the highest rate of African-American homeownership at 52.2%. Washington, D.C., was a close second at 51.4%. Richmond, Virginia, and Atlanta followed, with rates of 49.9% and 48.2%, respectively. Birmingham has the seventh-highest share of the African-American population in the nation. 

San Antoni has just the 37th-highest share of African-American residents, but they have a homeownership rate of 42.9%, which ranks 14th. 

Minneapolis was found to have the lowest share of African-American homeownership of the metro studied at the end of 2018 at 22.3%—a decline from the three-year average of 24.6% from 2014 to 2016. 

California led the way for the largest decline in African-American homeownership. San Jose reported a 9% decline, the drop in San Diego was 3%, and the dip in Los Angeles was nearly 2%.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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