Why Black homeownership rates are lower now than a decade ago

#Housing #Market
Yahoo Finance's Ronda Lee discusses why Black homeownership is lower than it was a decade ago amid lingering impacts from the Great Recession.
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[babineaux]

31, black, single and closing on a house tomorrow. 👊🏾💪🏾

[tashasmith]

I am not fond of these sort of stereotyping videos -- I am a single Black woman. When I was 30 years old by myself I purchased a large townhome in San Diego. In early 2021, I sold my townhome and I purchased a BRAND NEW single-story home (4 bedrooms, 2.5 bathrooms, 2 car garage and a fireplace) in a different county.

I have a good job, I have good credit, no debt, a good job and the bank was happy to loan me to money to purchase my first and then later my second home.

I was able to sell my San Diego townhome and I made enough profit to pay half of the cost of my new house in cash. The half of the house that I still owe money on, I did a 20 year loan at 2.5% fixed. I will have my new house paid in full before I retire from my job.

In my opinion, no matter who we are (Black, White or Purple), if we have our finances in order, we can and will qualify to get a loan when / if we need it.

[lyfe]

If they qualified for better loans they would’ve gotten them. Making a good salary doesn’t guarantee a good rate. There are more factors that play into those final cost numbers.

[hybin]

Why because they are.... comfortable. They don't want to put that work in

[thefridaynetwork]

Meanwhile, BLM founders are living in multi million dollar houses... 😆

[tiagommac]

And what about orientals or south asians, Middle easterns, etc? This kind of discussions is always about caucasians/subsaharians. I am curious about other ethnies in America.

[JDN]

Denial of mortgages is obviously not the fault of creditors.

[MoparAdventure]

We are all priced out of the housing market not just black people stop planting these seeds

[everythingyousayiscorrect]

I also blame the rent trap! We really need to regulate how much apartments can charge for rent. They try to trap you in this endless loop where you are paying so much that it forces you to have no other choice but to keep signing these leases and 90% of these apartments aren’t worth but half of what they are charging. Then every pay raise you get goes to your rent increases. it’s not fair for people who have no parents or family that they can stay with to save money.