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Black buyers are being left out of the booming housing market.

Apr 05 2022

Black buyers are being left out of the booming housing market. YPulse’s No Place Like Home trend research found that one in five 13-39-year-old Black consumers who live with their parents or rent say they will never be able to own a home. According to the 2022 Snapshot of Race & Home Buying in America, the homeownership rate for Black Americans is still lower than in 2010, while an Urban Institute report found that “since homeownership first became viable for Black families, who had historically been denied access to this asset, the benefits have been uneven and have not accrued equitably…[and that] a history of segregation and discrimination has reduced the financial benefits of homeownership for homeowners of color.” One urban planner cited that Black residents aren’t able to reap the benefits of homeownership in the way that White people do, and even when they are able to get into homeownership, they don’t get the return on investment that others do. Robert Johnson, who manages the YWCA’s Economic Empower Institute, says that for Black Americans, who often come from a line of renters or have lived in subsidized housing, owning a home can be a daunting experience since they have to maintain the house, pay utilities, and be responsible for other costs. (Essence)