The effects of homeownership are assumed to be the same for both owning a home outright and paying a mortgage in the existing literature. In this paper, we instead argue that the economic burden undertaken by those who pay a mortgage is distinct from that faced by homeowners and renters. This likewise has implications for individual views on public policy, where it can be expected that those who own homes outright will generally be less supportive of redistributive policies than their renting and mortgage-paying counterparts. We also challenge the extant research that thoroughly dissects the effects of racial animus on group policy preferences and political mobilization, by paying attention to the potentially intricate relationship between the perceived political influence of one’s race and one’s views on redistributive public policy. We contend that, while racial animus decreases support for redistribution, this can be counteracted if individuals perceive their own racial group as having too little influence in American politics. We test our argument using the 2016 American National Elections Study survey data. We expect homeowners — who are assumed to be unsupportive of redistribution in general — to support such redistributive policies should they perceive their own racial group as having too little political influence. Findings suggest that policy preferences differ among homeowners and are dependent upon an individual’s view of their racial group’s political efficacy.