Snapshot: City of Memphis

› Black households comprise 60% of the City of Memphis’s population yet hold just 30% of the primary residence housing wealth.

› The Black-white homeownership rate gap is 31.3 percentage points in the MSA and 25.9 percentage points in the City of Memphis (as of 2015–2019 ACS data). In the City of Memphis homeownership rate has dropped more than 30 percentage points since the Great Recession; Black households experienced the greatest decline.

› In the City of Memphis, Black applicants for purchase mortgages are more than 3 times as likely to be denied as white applicants (16% vs. 4.6%), with debt-toincome being the #1 reason for denial.

› Freddie Mac estimates there are 38,408 mortgage-ready Black millennials (age 45 and younger) in the Memphis MSA.

HOMEOWNERSHIP RATES, BY RACE OR ETHNICITY