More Americans own homes today, but the gap in homeownership between Black and white people is at its widest in 10 years.
The National Association of Realtors reported that 65.5 percent of Americans owned homes in 2021 versus 64.7 percent in 2011, but just 44 percent of the latest number of homeowners are Black, compared to white Americans who made up more than 72 percent.
"Unfortunately, the incredible affordability challenges of the last year have hit minority home buyers more than white buyers," said Jessica Lautz, NAR deputy chief economist and vice president of research, in a press release.
At the same time, Black Americans who were able to purchase homes, spent more of their income on acquiring them than any other racial group, and 30 percent of them reported the cost being burdensome.
"Even among successful home buyers, Black Americans have lower household incomes, which narrows the available pool of inventory they may be able to afford and makes their journey to homeownership even more difficult in this limited housing inventory environment," Lautz added.
The report also showed that Black and Hispanic consumers faced more scrutiny from banks, with prospective Black homebuyers having the highest denial rates for both new purchases and refinancing options.
Meridith McGraw, White House Reporter at The Wall Street Journal, breaks down Trump’s $200M ballroom plan, D.C. police tensions, and the future of MAGA.
After years of being told that red wine was good for heart health, more Americans appear to be heeding warnings that even moderate alcohol consumption can be unhealthy.
Amazon is now rolling out a service where its Prime members can order their blueberries and milk at the same time as their batteries and other basic items.
Dr. Richard Besser, President & CEO of the Robert Wood Johnson Foundation and former CDC acting director, unpacks the impact of RFK's mRNA funding cuts.
Jessica Inskip, Director of Investor Research at StockBrokers.com and host of MarketMakeHer, unpacks earnings, market outlook, and what history says is next.
