NAR Letter to House Select Committee on Economic Disparity Regarding Prosperity and Growth through Affordable Housing Hearing

On March 2 NAR sent a letter to Chairman Himes, Ranking Member Steil, and the members on the House Select Committee on Economic Disparity and Fairness in Growth. The letter thanks the Committee for holding the important hearing, “Promoting Economic Prosperity and Fair Growth through Access to Affordable and Stable Housing.” Homeownership is one of the most important avenues for American families to build intergenerational wealth. Yet NAR’s recent research shows that while the U.S. homeownership rate surged 1.3% in 2020 to 65.5%—the largest annual rise ever—the homeownership rate for Black Americans (43.4%) is lower than in 2010 (44.2%) and nearly thirty percentage points less than the White homeownership rate (72.1%). The homeownership rates for Asian Americans and Hispanic Americans are 61.7% and 51.1%, respectively. 

NAR strongly supports policies that help redress the legacy of the past and combat the systemic barriers to homeownership resulting from it. NAR is also firmly committed to confronting present-day hurdles, such as the historic inventory shortage , that are making homeownership increasingly unattainable for many Americans.