This Year, Half as Many Black Households Can Afford a Home as Last Year

Sourced from HOUSING PERSPECTIVES: Research, trends, and perspective from the Harvard Joint Center for Housing Studies

Published: Wednesday, August 17, 2022 by Raheem Hanifa

Excerpt:

Surging home prices and rising mortgage rates that have made it harder for all renters to become homeowners have had a particularly dramatic impact on Black renters. Indeed, the share of Black renter households who can afford the median-priced home in the US has fallen by more than half, while the share of all renter households who could afford the median-priced home fell by 44 percent. As home prices and interest rates rise, increasing the supply of affordable homes and providing income supports for low- and moderate-income households will be a key step in preserving affordable homeownership for millions of households.

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