Rent
Issues
Barriers Experienced by the Community
Lower Homeownership Rates
The combined homeownership rate for Black and Latinx households is significantly lower, with Black households at approximately 44% and Latinx households at around 49%, compared to 74% for White households as of 2023.
Higher Rent Burden
Around 54% of Black renters and 51% of Latinx renters are cost-burdened, meaning they spend more than 30% of their income on rent, compared to 43% of White renters.
Mortgage Denial Rates
Black and Latinx mortgage applicants face higher denial rates, with Black applicants at about 17% and Latinx applicants at around 13%, nearly double the denial rate of 9% for White applicants.
Discriminatory Lending
Black and Latinx homebuyers are over twice as likely to receive subprime loans compared to White borrowers. In 2022, 23% of Black and 18% of Latinx borrowers received subprime mortgages, compared to 10% of White borrowers.
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