Redfin Analysis: Black Millennials Are Half As Likely to Own a Home As White Millennials
2024年3月5日 - 10:00PM
ビジネスワイヤ(英語)
The racial homeownership gap is biggest for
millennials, but it exists in every generation
(NASDAQ: RDFN) —Just one-third (33%) of Black millennials own
their home, compared to two-thirds (65%) of white millennials,
according to a new analysis from Redfin (redfin.com), the
technology-powered real estate brokerage. That’s the largest gap of
any generation, but Black Americans are much less likely to own
their home than white Americans at every age.
White adult Gen Zers are nearly twice as likely as Black adult
Gen Zers to own their home, with respective homeownership rates of
30% and 16%.
The racial homeownership gap is smaller for older generations,
but it’s still substantial. Just over half (52%) of Black Gen Xers
own their home, compared to 80% of white Gen Xers. Baby boomers
have the smallest percent gap, but white boomers are still much
more likely to own their home: Six in 10 (60%) Black boomers own
their home, compared to 85% of white boomers.
This data is from a Redfin analysis of the Current Population
Survey’s Annual Social and Economic Supplement as of 2023.
The homebuying landscape is challenging for most Americans today
because of high home prices, elevated mortgage rates and a supply
shortage. It’s especially challenging for Black Americans: Just 7%
of homes for sale in 2023 were affordable for the typical Black
household, compared to 22% for the typical white household.
Racist policies from the early to mid 1900s like redlining and
discriminatory housing covenants have caused generations of Black
families to miss out on owning property, and on sizable
property-value gains. Black Americans still face barriers to buying
real estate today. Black homebuyers are twice as likely to have
their mortgage applications rejected than white homebuyers and they
often have higher mortgage rates when they do buy a home.
Investigations have found that Black Americans frequently face
discrimination when going through the homebuying process.
The persistent racial wage and wealth gaps are other major
contributors to the racial homeownership gap. The median Black
worker earns 79 cents for every dollar earned by a white worker,
and for every $100 in wealth held by white households, Black
households have $15. That makes it harder to save money for a down
payment and to make monthly mortgage payments. The racial
homeownership gap is biggest for millennials because they have come
of age during topsy-turvy economic times including the Great
Recession, which had a bigger financial impact on the Black
population than the white population.
“Millennials have consistently tracked behind their parents'
generation when it comes to homeownership because they’ve faced
significant financial obstacles and an historic inventory
shortage,” said Redfin Chief Economist Daryl Fairweather. “But that
number doesn’t tell the whole story: Black millennials have borne
the brunt of those challenges because they’re at an unfair
financial disadvantage due to the country’s history of racial
discrimination. Young Black Americans started out behind largely
because they’re less likely to have property and money passed down
from their parents or grandparents, who faced racial discrimination
themselves, and they have stayed behind because they’re still
facing discrimination and unfair economic circumstances.”
Racial homeownership gap may shrink for millennials in the
near future
The homeownership rate for Black millennials and Gen Xers has
grown fairly quickly for the last several years. But the racial
homeownership gap persists because it has grown at a similar pace
for white millennials and Gen Xers.
“Although young Black Americans face outsized barriers to
homeownership, I expect the racial homeownership gap to start
narrowing for millennials and Gen Zers in the near future,”
Fairweather said. “The Black unemployment rate is at an all-time
low and the racial wage gap is shrinking, which should help more
young Black Americans get their feet in the homeownership
door.”
Although it’s still difficult for most Americans to afford a
home, Redfin economists expect it to become slightly easier to buy
a home as the year goes on, with mortgage rates declining by the
end of 2024 and more homes hitting the market.
To view the full analysis, including charts and methodology,
please visit:
https://www.redfin.com/news/homeownership-rate-black-millennials
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240305500430/en/
Redfin Journalist Services: Kenneth Applewhaite, 206-414-8880
press@redfin.com
Redfin (NASDAQ:RDFN)
過去 株価チャート
から 4 2024 まで 5 2024
Redfin (NASDAQ:RDFN)
過去 株価チャート
から 5 2023 まで 5 2024