Voluntary home buyout programs have gained increasing popularity as a natural hazard mitigation tool over the past couple decades. However, a strong emphasis on the monetary value of disaster mitigation leaves open the possibility of inequity in distribution of the benefits of buyouts that may exacerbate social justice issues under conditions of increasing disaster damages due to climate change. Using a complete dataset of U.S. Federal Emergency Management Agency (FEMA) funded buyout properties we describe the demographic makeup of neighborhoods and counties that have participated in FEMA buyout programs since the 1980s and evaluate differential disadvantages in the chances of receiving a buyout and the amount of money received by buyout participants across characteristics associated with social vulnerability. We find that urban counties with greater resources are more likely to receive funds to administer a buyout program, and that within these counties, minority homeowners are less likely to receive federal aid dollars. In addition, we identify a trend of increasing disparity specifically for Black populations. Our findings suggest that intended objectivity in how voluntary buyout dollars are distributed has led to unintentional inequities at multiple scales that may become more pronounced without changes to existing policy and highlight the growing need for social equity consideration in strategic retreat planning.