Native American Homeownership
November 12, 2020
November is Native American Heritage Month which makes this a great time to take a closer look at Native American homeownership. Often referred to as American Indian and Alaska Native Heritage Month, this month offers the opportunity to celebrate the cultures, traditions, histories, and contributions of the nation’s Native people. Homeownership is an important cornerstone to the economic well-being of the Native American population, but the Native population in our nation faces unique housing challenges. The REALTOR® community is committing to promoting public- and private-sector resources that open up homeownership opportunities to all.
According to the U.S. Census Bureau, the nation’s American Indian and Alaska Native population, including those who are more than one race, totaled 6.9 million, accounting for just under 2% of the total population. Nationally, the Native American homeownership rate has remained relatively stable over the past few years, though it is lower than the rate for White and Asian residents.
In Virginia, there are an estimated 91,000 residents who are American Indian, accounting for about 1% of the Commonwealth’s population. An estimated 57% of American Indians living in Virginia are homeowners, compared to 71% of Whites, 48% of Blacks, and 66% of Asians. Native Americans are slightly more likely to reside in the Commonwealth’s rural communities and are more likely to live in manufactured housing. (An estimated 7.2% of Native Americans versus 4% of Whites in Virginia live in manufactured housing in Virginia.)
There are many resources available to American Indian and Alaska Native people to access stable housing and become homeowners.
- Fannie Mae’s Native American Homeownership program promotes access to mortgage credits and makes mortgage products available to homebuyers on tribal lands in Michigan and New Mexico.
- The U.S. Department of Housing and Urban Development’s (HUD) Section 184 Home Loan Guarantee program makes private mortgage financing available to Native Americans by providing loan guarantees to lenders.
- HUD’s Tribal Housing Activities Loan Guarantee Program provides funding for affordable housing activities on tribal lands.
- The S. Department of Veterans Affairs offers special refinancing options to veterans who are Native American or have a Native American spouse.
You might also like…
5 Myths About FHA Loans (Debunked!)
By Dominique Fair - June 5, 2023
With elevated interest rates and climbing home prices, many potential buyers are looking for alternative ways to buy a home without breaking the bank. FHA loans have more… Read More
Virginia Sees Slowest April Housing Market in More than a Decade
By Robin Spensieri - May 23, 2023
But tight inventory conditions keep the market competitive and home prices high According to the April 2023 Virginia Home Sales Report released by Virginia REALTORS®, there were 8,252 homes… Read More
The State of Commercial Real Estate in the Current Economy
By Sejal Naik - May 17, 2023
Commercial real estate is the oft-forgotten half of the U.S. real estate market. This sector, which amounts to about $20 trillion, has been under continuous spotlight following the… Read More