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Search resuls for: "Black homebuyers"


4 mentions found


☆ More Black women are becoming homeowners — it doesn’t mean it's easier, economist says
  + stars: | 2024-02-20 | by ( Ana Teresa Solá | ) www.cnbc.com   time to read: +1 min
Black women are outpacing Black men when it comes homebuying. Single female homebuyers are most common among Black women, representing 27% of Black homebuyers, according to the 2023 Snapshot of Race and Home Buying in America report by the National Association of Realtors. More from Personal Finance:Rental markets are cooling, but it 'doesn't mean they're falling'What renters need to know to make rent count for credit'Housing affordability is reshaping migration trends,' economist saysBut single Black women buyers still face plenty of challenges. "There are instances where Black people are buying homes, Black women are buying homes. That doesn't mean that it's easy for them and that doesn't mean that it's not being made unnecessarily difficult by certain societal hurdles that stand in the way, that should not exist," said Jacob Channel, a senior economist at LendingTree.
Persons: Realtor.com, Jacob Channel Organizations: National Association of Realtors, Finance Locations: America
☆ Homeownership gap between Black and White owners is worse now than a decade ago
  + stars: | 2024-02-20 | by ( Anna Bahney | ) edition.cnn.com   time to read: +6 min
The Black homeownership rate saw a modest annual uptick to 44.1% in 2022 from 44% in 2021, but remains significantly behind the White homeownership rate of 72%, the report found. A stubborn racial homeownership gapEven with some improvement in the Black homeownership rate, the change has done little to close the yawning gap between Black and White homeownership. Over the past decade, the gap between the two groups’ homeownership rates has worsened, expanding from 27 points to 28 points. Other states with high Black homeownership rates include South Carolina and Delaware, each at 55%. Plus, the median household income for Black Americans was $47,800 in 2022, while the median income for White Americans was $75,700.
Persons: Sharan White, Jenkins, “, ”, ” White, Black, homeownership, Jessica Lautz, Black homebuyers, ” Lautz Organizations: DC CNN, National Association of Realtors, American, Survey, Census Bureau, NAR, Joint Center for Housing Studies of Harvard University, Black, White Locations: Washington, Jamaica, Queens, New York City, Virginia, Brooklyn, Queens , New York, Wyoming, North Dakota, Mississippi, Black, South Carolina, Delaware
☆ The barriers Black families face in building generational wealth
  + stars: | 2023-02-10 | by ( Liz Knueven | Https | Www.Linkedin.Com In Lizknueven | ) www.cnbc.com   time to read: +8 min
Black families face unique, racist barriers to creating wealth, from homeownership to business ownership, says Salene Hitchcock-Gear, president of individual life insurance at Prudential. To work towards closing the racial wealth gap and building generational wealth for Black Americans, it's important to understand what obstacles stand in the way. Black Americans face lower median credit scoresWhile the credit scoring system was created to take the bias out of lending, it's become yet another hurdle that prevents many Black Americans from building wealth. The bottom lineAfter many generations of being excluded from wealth-building, Black Americans still face a unique set of challenges stemming from racial discrimination. However, making homebuying and financial literacy more accessible could start to narrow the wide racial wealth gap in the US, and help Black families build generational wealth.
☆ First-time homebuyers are being shut out of the market like never before
  + stars: | 2022-11-03 | by ( Anna Bahney | ) edition.cnn.com   time to read: +5 min
First-time buyers made up just 26% of all homebuyers in the year ending June 2022, down from 34% the year before, according to NAR’s 2022 report on homebuyers and sellers. The median household income for first-time buyers slipped to $71,000 during the year ended in June, down from $86,500 in the previous 12-month period. “For first-time homebuyers, the lack of affordability is playing a key role in holding them back from homeownership,” said Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “With the rise of rents and how that is hitting first-time homebuyers, it impacts Black buyers more than it would any other group,” said Lautz. Lautz said the research showed buyers faced hard decisions to close the deal on a home they could afford.
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