Homeownership remains a key to building wealth. But a new study from the National Association of Realtors underscores the persistence of substantial inequities along racial and income lines over the past decade.
Home appreciation since 2012 was greater for higher-income homeowners than for lower-income homeowners. Middle-income homeowners gained $122,100 in wealth, with homes appreciating 68% over the past decade, according to the report. Low-income homeowners were able to build $98,900 in wealth in that time from home price appreciation only, while upper-income households saw an increase of $150,800.
While Asian households own homes that are more expensive than any other group, Hispanic homeowners had faster appreciation than White homeowners. But there were some areas of the country where Black homeowners fared better over the past decade, including Bellingham, Washington; Ocala, Florida; Palm Bay, Florida; Modesto, California; Greeley, Colorado; and Charleston, South Carolina. Owners in these areas saw their homes generated more than $125,000 in wealth in the last decade.
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