The article discusses the fluctuating trends of Black homebuyers, noting a significant rise in first-time purchases from 35% in 2021 to a record 63% in 2023. This uptick comes amid ongoing affordability hurdles, with many Black households facing income disparities that make buying homes challenging. Programs such as down payment assistance and flexible lending options have aided increased access. Despite these positive trends, only 17.6% of home listings are considered affordable for typical Black households, which earn a median income of $54,896, placing them at a disadvantage compared to other racial groups.
In 2019, 47% of Black homebuyers were purchasing for the first time, a figure that plunged to 35% in 2021 after the COVID-19 pandemic.
Despite affordability challenges, Black first-time home buyers are demonstrating a strong commitment to homeownership, a key driver of generational wealth.
Only 17.6% of listings are affordable for a typical Black household, compared to 28.2% for Hispanic, 37.9% for white and 56.8% for Asian households.
A critical measure of affordability is the percentage of income spent on housing costs. Black households earn a median income of $54,896.
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