Jacksonville has a lower rate of home ownership among Black residents than most of the nation's large cities, a new study has found.
Although Black residents own 14.02% of homes in the metro area — more than many cities — the rate of ownership falls short when you consider that 21.32% of the population is Black, according to the study by Lending Tree, an online lending marketplace.
Only 11 of the nation's 50 largest metro areas have a bigger gap between the size of the Black population and the percentage of homes owned by Black residents, Lending Tree found.
"The COVID-19 pandemic has further exacerbated racial income and wealth inequality in the U.S. — especially for Black Americans, who are already among the most economically disadvantaged groups in the nation," Lending Tree reported.
To assess homeownership, Lending Tree compared the percentage of homes owned by Blacks with the Black population in the nation's 50 largest metro areas, based on census data.
Nationally, Black Americans represent 15% of the population but own only 10% of homes. In comparison, white Americans account for 64% of the population — yet they own 76% of owner-occupied houses.
Local Realtor Carrie Brilee believes there are several reasons for Jacksonville's situation.
“I know our percentage is a little bit higher, but it's still significantly lower than other communities and is for a lot of reasons,” Brilee said.
Lending Tree cited several factors for lagging homeownership among Black people:
- Less household wealth than other races.
- Greater difficulty accessing traditional banking and credit services.
- High rates of mortgage denials.
- Historical policies intended to disenfranchise Black homebuyers, including "redlining."
Tuesday, the National Urban League released its annual report on the state of Black America, showing that the average Black household earns $43,862 a year, compared with $69,823 for white people.
Brilee reflected on the historical influences.
“A lot of the real estate was not even available to us, you know," Brilee said. "We didn't really have the opportunities as a lot of other groups had to go in and purchase real estate. So it's really nice to see the families that are able to purchase right now be able to do so as first time homebuyers.”
Brilee said the strong military presence on the First Coast also has a positive effect on Black homeownership.
“We have the military here. And when individuals are getting out of the military, a lot of them are staying here. I think there are also opportunities here that are not present in other communities or other cities, for African American families,” she added.
The Lending Tree study found that metro areas with large Black populations, like Jacksonville, tend to have the largest gap in home ownership.
Memphis, Tennessee, has the biggest difference. Black residents make up 47.47% of the population but own only 35.05% of homes.
San Jose, California — with a 2.41% Black population — has the smallest gap. Black people own 1.38% of homes there.
The cities ranked lower than Jacksonville were St. Louis; Birmingham, Alabama; Richmond, Virginia; Cleveland; Detroit; Atlanta; Virginia Beach, Virginia; Baltimore; New Orleans; Milwaukee; and Memphis.
