Households of color are less likely to achieve homeownership relative to their white counterparts. And when they do, many households of color tend to purchase lower-valued homes, which makes them likely to experience fewer benefits from homeownership. Across broad racial and ethnic groups, this research indicates that households of color own a smaller percentage of the primary residence housing wealth than their share of the population. This contrast is particularly stark in some majority-minority cities. To combat these disparities, policymakers can address not only inequities in access to homeownership, but deficits in housing wealth more generally. A multilevel policy agenda is needed to target the household, property, and neighborhood differences that are key to housing wealth outcomes, as well as to root out instances of systemic racism to ensure a more equitable distribution of homeownership and its benefits.