According to the National Association of Realtors Only 3% of US Homebuyers are Black. Less than 10% of Black Renters Can Afford to Buy the Typical Home in White Over Black System of Vast Unequal Power

Across the U.S., the share of first-time homebuyers dropped to a record low, according to the National Association of Realtors (NAR), making up 26% of all buyers in 2022, down from 34% last year.

But it’s even harder for Black homebuyers. In 2022, the typical first-time buyer getting keys to a starter home was 36 years old, an all-time high, and white (88%). About 16% of U.S. adults identify as non-Hispanic Black or African American, but just 3% of buyers are Black — down from 6%. And while the U.S. homeownership rate increased to roughly 66% in 2021, the rate among Black Americans lags significantly (44%), only increasing 0.4% in the last 10 years, NAR reported in another study. That’s nearly 29 percentage points less than white Americans (72.7%), representing the largest Black-white homeownership rate gap in a decade. Less than 10% of Black renters can afford to buy the typical home. [MORE]