The current housing market is lacking in affordable inventory for middle- and lower-earning buyers. But this missing inventory is even more glaring for minority groups.
In the recent Housing Affordability and Supply report compiled by the National Association of REALTORS® and Realtor.com, findings show that affordable inventory for Black and Hispanic Americans is lower than white Americans in the same income brackets.
“While nearly 66% of Black Americans earn $75,000 and less, these buyers can only afford 22% of homes for sale. In contrast, 48% of white Americans earn that same income, and they can also afford to buy 22% of the listings,” the report stated. This extrapolates to Black Americans needing 20% more listings with a value up to $256,000 (the calculated maximum price a buyer can afford making $75,000 or less) to make up the difference. Hispanic Americans would need 11% more homes.
Photo: iStock.com/Niall
