Minority homeownership continues to lag behind the national rate, according to a new study by the National Association of Realtors (NAR).

The homeownership rate for Black Americans – 42 percent – is nearly 30 percent less than the rate for white Americans – 69.8 percent. The U.S. homeownership rate stands at 64.2 percent, with the rates for Asian and Hispanic Americans at 60.7 percent and 48.1 percent, respectively.

NAR’s Snapshot of Race and Home Buying in America report examined the homeownership rate among each race in 2019. Regarding home affordability nationwide, 43 percent of Black households can afford to buy the typical home compared to 63 percent of white households, 71 percent of Asian households and 54 percent of Hispanic households, according to the study.

“The residential housing market’s strong performance during the pandemic helped homeowners enjoy a significant increase in wealth via approximately $1 trillion in additional home equity over the last year,” NAR Chief Economist Lawrence Yun said in a news release. “However, as indicative of the K-shaped economic recovery, greater numbers of potential first-time homebuyers – many of whom are minorities – are feeling discouraged by disproportionate job losses. Essentially, they’re being priced out of owning a home because of rapidly rising home prices resulting from historically low housing inventory. For Black Americans, in general, the greater likelihood of having student loan debt, combined with lower household incomes and accrued savings when compared to the national average, adds to the challenge.”

Wide variances in affordability exist by state. For example, more than 60 percent of Black households can afford to buy a home in Alaska, Kansas, Nebraska, South Dakota, and Vermont. However, less than a third of Black households can afford to purchase a home in California, Colorado, Hawaii, Massachusetts, Montana, Nevada, Oregon, Utah, Washington state, Wyoming, and the District of Columbia.

There are only four states where less than half of white households can afford to buy a home: California, Hawaii, Oregon and Washington state. More than half of Asian households can afford to purchase a home in all but six states – California, Colorado, Hawaii, Montana, North Dakota, Wyoming – and the District of Columbia.

Nearly a quarter of Asian Americans (23 percent) and one in five Hispanic Americans (18 percent) purchased a multi-generational home, with “spending time with aging parents” and “saving money” listed as the primary reasons for those decisions. Fifteen percent of Black Americans and 10 percent of white Americans bought a multi-generational home as both segments said a top driver was adult children or relatives moving back into the home.

The study noted that for those who said they witnessed or experienced discrimination in a real estate transaction, 41 percent of Black respondents said they face stricter requirements because of their race. That compares to 27 percent of Asian respondents, 19 percent of Hispanic respondents and 16 percent of white respondents. Approximately one-third of Black homebuyers and a quarter of Asian homebuyers said they witnessed or experienced discrimination through the type of loan product offered.