In a landmark revelation, the National Community Reinvestment Coalition (NCRC) has reported that more than 90% of the wealth gains for Black Americans stem from homeownership. This highlights the pivotal role home equity plays in building financial stability and prosperity within the Black community.
The first quarter of 2024 saw a significant surge in home equity across the United States.
The average mortgaged homeowner added an impressive $27,958 in equity year-over-year, a 9.6% annual increase. This contributed to a combined $1.5 trillion gain in home equity for U.S. borrowers.
This equity growth is particularly significant for Black homeowners, who leverage this wealth to improve their financial resilience, invest in education, and support future generations. The NCRC's findings underscore the importance of promoting homeownership as a pathway to economic empowerment and wealth creation for Black families.
