The National Association of Realtors sounds a major alarm warning that a housing affordability crisis is brewing. The homeownership rate for white Americans today is more than 72%, while it’s just 43% for Black Americans. The group says the pandemic made it worse.
They also point to student loan debt being a significant issue. In fact, 41% of Black home buyers had student loan debt, which is higher than any other race. The National Association of Realtors says home ownership is a primary pathway to generational wealth-building and addressing housing affordability can make a difference, including the racial wealth gap.
Rising mortgage rates, a shortage of affordable homes, and homeownership opportunities have limited many middle-class, first-time, and first-generation home buyers.
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