New York City stands out from other American cities in that most residents are renters, not owners. The high cost of housing makes homeownership prohibitive for the average person, but for those who an afford it, ownership provides many benefits - among them, stability and permanence, protection from unscrupulous landlords, the freedom to renovate to one's taste. Homeownership is also the main way for ordinary Americans to build wealth, in the form of equity in their property.
Historically, people of color were shut out of the homeownership market through a variety of ways - legal prohibitions against living in 'white' neighborhoods, bank redlining, and a lack of generational wealth to pass down. Even today, when segregation and redlining are officially illegal, a racial disparity still exists. Whites have the highest rate of homeownership in New York City, followed by Asians. The degree of disparity varies throughout the city. The map below illustrates the rate of homeownership in each community district for white, hispanic, black and Asian households.