Posted on 03/17/2024 8:18:50 AM PDT by where's_the_Outrage?
African Americans are trailing their white counterparts in homeownership across age groups at a time when high mortgage rates, elevated prices and stifled supply has made the dream of owning a home out of reach for millions of Americans.
A third of Black millennials—the age group born between 1981 to 1996—own their home compared to two-thirds of white Americans. Meanwhile, for those between 43 and 58 years old, or Gen Xers, the situation is slightly better with 52 percent of Black Americans possessing a property compared to 80 percent of their white counterparts, and for boomers, the data breaks down 60 percent Black homeowners with 85 percent white property owners, according to real estate platform Redfin.
The cost of home loans, which, in the fall of last year, soared to two-decade highs and still hovers around 7 percent—along with the increase in prices due to a limited supply of homes—has made affording a home tough for huge swathes of Americans.
Black Americans have especially struggled in this market, Redfin points out. Only 7 percent of properties available for sale in 2023 were affordable for Black prospective buyers compared to 22 percent of white Americans.
The racial homeownership gap is part of larger disparities seen in the broader American economy. Black Americans earn less on average compared to white employees and have less wealth—for every $100 worth of affluence for white households $100, their Black counterparts have $15. This contributes to challenges in raising the capital necessary to own a home, according to Redfin. Research suggests that Black Americans are more likely to tap into their retirement savings to generate a down payment compared to other demographic groups in the U.S.
(Excerpt) Read more at newsweek.com ...
Who cares…. So tired of hearing about negro issues. They’re incapable of functioning in civilization.
Does the article breakdown by educational achievement?
Yep. Divide & Conquer
So every black person in this country wants to own a home
Not much money left for buying a house after you purchase the latest iPhone, a fancy car, gold chains & grillz and 5 pair of Air Jordans.
Probably been told it’s acting “White” if you own a home.
It goes like this: There is a problem that hurts everybody while helping the ruling class consolidate power and get richer. The solution is a special exception for blacks.
There are houses in Detroit for example that can be had for relatively very little. Just sayin.
Reminds me of the black mother who got $10K from Uncle Sam and took a vacation instead of investing.
I am constantly looking for ways to increase the value of my excess funds (investing in real property)
(Though they are smaller than they used to be)
True. But you’d need a small army for protection in those areas.
But 90% of the black population lives on the Back Porch of the Demonrat Slave Masters Plantation still, why would they need a house?
What am I missing?
Biden's fault! Bringing in millions of illegal aliens is certainly making the situation much worse! Where are they going to be housed?
This is almost exclusively a behavioral phenomena. Get and hold a job, work hard at the job, pay your bills on time, look to the future, stay out of trouble, don't have squads of kids from different sires, and learn and use standard English.
HOW about comparing school attendance in your research???
HOW about grades?
How about JOB attendance?
How about ANY skills to even get a job???
THEY never learned how to work as younger persons.
THEY only learned how to be thugs & steal.
“Millennial’s Black Homeownership is Worse Than Any Other Generation”
...and???
So what?
Will the world stop turning if there aren’t X number of black millennial homeowners??
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