2023 Snapshot of Race and Home Buying in America

March 27, 2023

- By NAR Contributing Article

This report looks at homeownership trends, the mortgage market and affordability by race, and home buyer demographics from the 2022 Profile of Home Buyers and Sellers, home buyers and fair housing. Some findings include:

  • Hispanic/Latino home buyers reported the highest share of student loan debt at 46% with a median amount of $70,000. Black/African American home buyers reported a median student loan debt amount of $35,300, with 33% saying they had student loan debt.
  • Fifteen percent of Hispanic/Latino and 14% of White/Caucasian and Black/African Americans purchased multi-generational homes. Among those groups, they primarily purchased a multi-generational home to spend more time with aging parents, health/caretaking of aging parents/relatives, wanting a larger home that multiple incomes could afford together, and cost savings. The share of multi-generational buyers was only 12% among Asian/Pacific Islander buyers.
  • Twenty-two percent of Asian/Pacific Islanders, and 11% of Hispanic/Latino buyers used a gift from a relative or friend towards their downpayment for their home.