{"id":77888,"date":"2024-05-03T05:00:09","date_gmt":"2024-05-03T12:00:09","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77888"},"modified":"2024-05-01T16:11:17","modified_gmt":"2024-05-01T23:11:17","slug":"home-mortgages-by-race-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-mortgages-by-race-2024\/","title":{"rendered":"The Pool of People Taking Out Mortgages In America Is Becoming Less White"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>White people took out 62% of new mortgages last year, down from 64% in 2022 and 70% in 2018. Meanwhile, the share taken out by Hispanic, Black and Asian buyers ticked up.<\/i><\/strong><\/li>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>People of color are taking out a rising share of mortgages because an increasing share of them are of prime homebuying age, and because America is becoming more diverse.<\/i><\/strong><\/li>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>Hispanic, Black and Asian people have also seen larger income gains than white people in recent years.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The share of U.S. mortgages taken out by white homebuyers has declined over the last five years, while the share taken out by Hispanic, Black and Asian homebuyers has ticked up.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-77889\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/yearly_percent_of_primary_home_sales_byrace2-1024x683.png\" alt=\"\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/yearly_percent_of_primary_home_sales_byrace2-1024x683.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/yearly_percent_of_primary_home_sales_byrace2-300x200.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/yearly_percent_of_primary_home_sales_byrace2-768x512.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/yearly_percent_of_primary_home_sales_byrace2-1536x1024.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/yearly_percent_of_primary_home_sales_byrace2.png 1800w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin analysis of 2018-2023 <\/span><span style=\"font-weight: 400;\">Home Mortgage Disclosure Act (HMDA) data covering mortgage originations for primary homes. This analysis does not cover originations for investment properties or second homes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just under two-thirds (62.2%) of new mortgages issued in 2023 went to white homebuyers. While that\u2019s a far higher share than any other group, it\u2019s down from 64% in 2022 and 70.4% in 2018. It\u2019s also now more in line with the country\u2019s demographics, as 59.5% of the U.S. population is white (as of 2022, the most recent year for which data is available).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the share of new mortgages taken out by Hispanic buyers increased to 14% in 2023 from 12.6% in 2022 and 11% in 2018. Black buyers represented 8.7% of new mortgage holders last year\u2014little changed from 8.6% in 2022 but up from 7.1% in 2018. Still, these figures lag demographic trends, as 18.8% of the U.S. population is Hispanic and 12.2% of the population is Black.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Asian buyers took out 8.2% of new mortgages in 2023, unchanged from 2022 but higher than the 6.4% rate in 2018. Asian mortgage holders are tracking slightly <\/span><i><span style=\"font-weight: 400;\">ahead <\/span><\/i><span style=\"font-weight: 400;\">of demographic trends, as 5.9% of the U.S. population is Asian.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All in all, people who are Hispanic, Black, Asian or two or more races took out 37.8% of new mortgages last year, up from 36% in 2022 and 29.6% in 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe pool of homebuyers taking out mortgages is becoming less white because America is becoming more diverse, and many people of color are in their prime homebuying years,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/elijah-delacampa\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Elijah de la Campa<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThe racial wage gap, while still sizable, has also been <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/06\/19\/briefing\/juneteenth-racial-wage-gap.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">shrinking<\/span><\/a><span style=\"font-weight: 400;\">. That has made homeownership more feasible for some Black and Hispanic people, though they\u2019re still significantly less likely to own homes than white people.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the following four sections, we delve deeper into why nonwhite buyers are taking out a growing share of new mortgages in the U.S.<\/span><\/p>\n<h3>Hispanic, Black and Asian People Have Seen Larger Income Gains Than White People<\/h3>\n<p><span style=\"font-weight: 400;\">The median annual income for Hispanic people in the U.S. was an estimated $69,000 in 2023, up 40.2% from 2018. That\u2019s much larger than the gain for white people, whose median income rose 31% to an estimated $86,000. Black and Asian people also saw bigger increases in estimated incomes, which climbed a respective 34.7% to $54,000 and 36.4% to $114,000. It\u2019s worth noting that the unemployment rate in the Black population has <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/LNS14000006\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ticked<\/span><\/a><span style=\"font-weight: 400;\"> up in recent months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The racial wage gap remains large, but has shrunk in recent years in part due to a tight labor market. When the labor market is tight, employers are often less selective and look for candidates outside of their networks, which provides <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/06\/19\/briefing\/juneteenth-racial-wage-gap.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">opportunities<\/span><\/a><span style=\"font-weight: 400;\"> for marginalized communities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A handful of states have also <\/span><a href=\"https:\/\/www.cnn.com\/2023\/12\/06\/success\/minimum-wage-increases-2024\/index.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">increased<\/span><\/a><span style=\"font-weight: 400;\"> the minimum wage in recent years, which disproportionately impacts workers of color, who are more likely to work low-wage jobs.<\/span><\/p>\n<h3>America Is Becoming More Diverse<\/h3>\n<p><span style=\"font-weight: 400;\">White people make up 59.5% of the U.S. population (as of 2022), down from 61.6% in 2018, 69.7% in 2000 and 84.1% in 1970. Meanwhile, people of color have taken up a growing share of the population, with Hispanic people seeing the biggest uptick. They represent 18.8% of the U.S. population, up from 18% in 2018, 12.6% in 2000 and 4.1% in 1970. Asian people make up 5.9%, up from 5.6% in 2018, 3.7% in 2000 and 0.7% in 1970. People of two or more races represent 3.6%, up from 2.4% in 2018 and 1.8% in 2000\u2014the furthest back the data for this group goes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Black share of the population is the exception, stagnating in comparison; at 12.2%, it\u2019s little changed from 12.4% in 2018 and 12.1% in 2000, but is up slightly from 11% in 1970.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><i><span style=\"font-weight: 400;\">number <\/span><\/i><span style=\"font-weight: 400;\">of people in the U.S. who identify as white (a different metric than the share) recently <\/span><a href=\"https:\/\/www.brookings.edu\/articles\/new-2020-census-results-show-increased-diversity-countering-decade-long-declines-in-americas-white-and-youth-populations\/#1\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">declined<\/span><\/a><span style=\"font-weight: 400;\"> for the first time since 1790.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIn addition to lower fertility and immigration, much of this loss is attributable to the continued aging of the white population. Fewer births and more deaths resulted in a natural decrease (more deaths than births) for the 2010s decade, even before the COVID-19 pandemic,\u201d William Frey, a senior fellow at the Brookings Institution, wrote in a 2021 <\/span><a href=\"https:\/\/www.brookings.edu\/articles\/new-2020-census-results-show-increased-diversity-countering-decade-long-declines-in-americas-white-and-youth-populations\/#1\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">\u201cIn addition, the rise of multiracial marriages has led to an increase in the number of young people who identify as mixed race rather than white alone. The new census results also show a substantial rise in the number of Americans that indicated belonging to two or more racial groups.\u201d<\/span><\/p>\n<h3>A Rising Share of Hispanic, Black and Asian People Are of Prime Homebuying Age<\/h3>\n<p><span style=\"font-weight: 400;\">More than one in five (21.1%) Hispanic people living in the U.S. are of prime homebuying age (25-34), up from 20.6% in 2018 and 16.5% in 2000. Meanwhile, 13.7% of Black U.S. residents are of prime homebuying age, up from 13.4% in 2018 and 12.6% in 2000. The share has also ticked up among Asian people, to 7% from 6.9% in 2018 and 4.9% in 2000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the opposite is true for white people, 54.4% of whom are of prime homebuying age. While that\u2019s a higher share than any other group, it\u2019s <\/span><i><span style=\"font-weight: 400;\">down <\/span><\/i><span style=\"font-weight: 400;\">from 56.6% in 2018 and 64.1% in 2000. Please note that the most recent year in this dataset is 2022.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-77895\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/prime-homebuying-age-1024x709.png\" alt=\"\" width=\"800\" height=\"554\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/prime-homebuying-age-1024x709.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/prime-homebuying-age-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/prime-homebuying-age-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/prime-homebuying-age.png 1302w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The most common age among white people in the U.S. is 60\u2014far beyond prime homebuying age. That\u2019s roughly double the most common ages of Black and Asian people and five times higher than the most common age of Hispanic people.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One reason white people are older is they were the largest population gainers from the post-World War II baby boom\u2014a time before many of today\u2019s immigrants moved to the U.S., according to an<\/span> <a href=\"https:\/\/www.pewresearch.org\/short-reads\/2019\/07\/30\/most-common-age-among-us-racial-ethnic-groups\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">analysis<\/span><\/a> <span style=\"font-weight: 400;\">from Pew Research Center.<\/span><\/p>\n<h3>White People Are Buying Fewer Homes Than They Used to<\/h3>\n<p><span style=\"font-weight: 400;\">White people took out 1,582,643 mortgages in 2023, down 22.1% from a year earlier and down 31.3% from 2018. By comparison, Hispanic people took out 355,757 mortgages, down just 11.1% year over year and down 1.3% from 2018. Asian people took out 209,085 mortgages, down 19.9% year over year and down 0.5% from 2018. And Black people took out 220,410 mortgages, down 19.4% from a year earlier and down 5.7% from 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone wp-image-77892\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/hmda-purchases-chart-1-1024x708.png\" alt=\"\" width=\"800\" height=\"553\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/hmda-purchases-chart-1-1024x708.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/hmda-purchases-chart-1-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/hmda-purchases-chart-1-768x531.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/hmda-purchases-chart-1.png 1304w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home purchases have dropped across the board over the past year due to rising mortgage rates and high home prices, but it\u2019s notable that the declines were more severe among white people.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most white people already own homes, meaning there\u2019s not a lot of room for growth. Nearly three-quarters (74%) of white people in the U.S. own homes, compared with 62.2% of Asian people, 49.9% of Hispanic people and 45.7% of Black people.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-77893\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/homeownerhship-rates-chart-1024x709.png\" alt=\"\" width=\"800\" height=\"554\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/homeownerhship-rates-chart-1024x709.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/homeownerhship-rates-chart-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/homeownerhship-rates-chart-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/homeownerhship-rates-chart.png 1302w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">While white people are the most likely to be homeowners, it\u2019s worth noting that their homeownership rate has stagnated in recent years while the homeownership rates for Hispanic, Black and Asian people have climbed\u2014helping to narrow the gap slightly. For example, the Black-white homeowner gap was 28.3 percentage points in the first quarter of 2024, down from 32.1 percentage points in the first quarter of 2019. The Hispanic-white gap fell to 24.1 percentage points from 25.8 percentage points over the same period, and the Asian-white gap fell to 11.8 percentage points from 16.3 percentage points.<\/span><\/p>\n<h3>Methodology<\/h3>\n<p><span style=\"font-weight: 400;\">In this report, \u201cAsian\u201d refers to people who are Asian, Pacific Islander, and\/or Native Hawaiian; \u201cHispanic\u201d refers to people who are Hispanic\/Latino; \u201cwhite\u201d refers to people who are non-Hispanic white; \u201cBlack\u201d refers to people who are Black or African American; and \u201ctwo or more races\u201d refers to people who are more than one race or ethnicity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When calculating the share of mortgage originations by race\/ethnicity, the denominator excludes home purchasers who were categorized as Native American or missing race. Out of all primary mortgage originations in the study period, at most 0.2% in a given year were for Native American purchasers, and at most 11.8% were for those with a missing race.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We used the same approach when calculating the share of the population by race\/age using Census data.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The U.S. median household incomes by race for 2023 were estimated using the U.S. Census Bureau\u2019s (ACS) 2022 race-specific median household income and 12-month moving average nominal wage growth rates compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Census data on the share of population by race and age is as of 2022\u2014the most recent year available.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>White people took out 62% of new mortgages last year, down from 64% in 2022 and 70% in 2018. Meanwhile, the share taken out by Hispanic, Black and Asian buyers ticked up. People of color are taking out a rising share of mortgages because an increasing share of them are of prime homebuying age, and [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[43,53],"tags":[20,652,623,678],"dashboard":[],"coauthors":[125,660],"class_list":["post-77888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-equality-policy","category-race-real-estate","tag-housing-affordability","tag-housing-equality","tag-national","tag-race"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Pool of People Taking Out Mortgages Is Becoming Less White<\/title>\n<meta name=\"description\" content=\"White people took out 62% of new mortgages last year, down from 70% in 2018. Meanwhile, the share taken out by Hispanic, Black and Asian buyers rose.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/home-mortgages-by-race-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Pool of People Taking Out Mortgages In America Is Becoming Less White\" \/>\n<meta property=\"og:description\" content=\"White people took out 62% of new mortgages last year, down from 70% in 2018. 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