DALLAS (AURN News) — A stark racial divide in homeownership continues across America, with Black buyers representing just 7% of recent home purchases while white buyers account for 83%, according to the newly released National Association of Realtors Profile of Buyers and Sellers for 2024.
This racial disparity comes amid broader challenges in housing accessibility, as first-time homebuyers have dropped to a historic low of 24% of all buyers. The financial barriers to entry continue to rise, with median household income for first-time buyers now reaching $97,000 – a $26,000 increase in just two years. The average age of first-time homebuyers has climbed to 38 years old, the highest ever recorded by NAR and a significant shift from the 1980s when most first-time buyers were in their late 20s.
These latest numbers show why there are growing concerns about housing affordability and access to homeownership, particularly for Black communities, as market barriers continue to rise.
Click play to listen to the AURN News report from Jamie Jackson:
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