- ORIGINAL NEWS
More Black women are becoming homeowners — it doesn’t mean it’s easier, economist says
- SUMMARY
Black women are increasingly becoming homeowners compared to Black men.
Single Black women specifically account for a larger proportion of Black homebuyers, marking a trend toward female homeownership within this demographic.
However, hurdles remain for Black women pursuing homeownership due to systemic challenges like education debt, limited mortgage access, and low-wage job opportunities.
Education debt, particularly student loans, affects Black women more significantly.
With higher loan burdens, it becomes more difficult to save for down payments and meet mortgage requirements.
Historical mortgage practices during the early 2000s often resulted in Black women receiving high-cost mortgages, leading to increased foreclosures during the Great Recession.
Furthermore, Black women’s disproportionate representation in low-wage jobs, such as childcare and hospitality, makes it harder for them to afford down payments.
The median wage for childcare workers, for example, is quite low, making it challenging to save for a home.
These challenges highlight the need for addressing societal hurdles that continue to hinder Black women’s access to homeownership.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“Black women are outpacing Black men when it comes homebuying.”
“Female buyers represented 32.4% of all Black homebuyers between October 2017 and September 2018, according to a 2022 data analysis by Realtor.com.”
Negative
“There are instances where Black people are buying homes, Black women are buying homes. That doesn’t mean that it’s easy for them and that doesn’t mean that it’s not being made unnecessarily difficult by certain societal hurdles that stand in the way, that should not exist.”
“Compared to other female undergraduate borrowers, Black women carry the most undergraduate student loan debt, averaging $41,466.05 a year after graduation, according to Bankrate.”