Meanwhile, Hispanic buyers accounted for 14% of new mortgages in 2023, up from 12.6% in 2022 and 11% in 2018. Black buyers represented 8.7% last year, barely changed from 8.6% in 2022 but higher than 7.1% in 2018. Asian buyers took 8.2% of new mortgages, the same as in 2022 but up from 6.4% five years ago.
“The 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,” said Redfin senior economist Elijah de la Campa.
Rising incomes boost homeownership
In recent years, Hispanic, Black and Asian households have seen larger income gains than White households, helping make homeownership more attainable despite the racial wealth gap.
Median Hispanic income rose 40.2% from 2018 to an estimated $69,000 in 2023, compared to a 31% gain for White households to $86,000. Black incomes climbed 34.7% to $54,000, while Asian incomes jumped 36.4% to $114,000.
