- ORIGINAL NEWS
More Black women are becoming homeowners — it doesn’t mean it’s easier, economist says
- SUMMARY
Black women are increasingly becoming homeowners, particularly single women, who make up 27% of Black homebuyers.
However, despite this progress, they still face challenges.
These challenges include higher student loan debt, which can hinder saving for a down payment and mortgage qualification.
Additionally, there are concerns about access to mortgages, as Black women were historically more likely to receive high-cost loans and faced higher foreclosure rates.
Furthermore, Black women are more likely to work in low-wage jobs, such as childcare and hospitality, earning less than $30,000 annually.
This low income makes it difficult to afford a down payment, which is a major obstacle to homeownership.
- NEWS SENTIMENT CHECK
- Overall sentiment:
overall_negative
Positive
“Yet, it does not necessarily mean that homebuying is easier for this group, experts say. Here are some of the reasons women of color face challenges toward homeownership.”
“Black women are outpacing Black men when it comes homebuying.”
“Female buyers represented 32.4% of all Black home buyers.”
“The share jumped to 35.4% from October 2020 to September 2021.”
“Single female home buyers areas most common among Black women, representing 27% of Black home buyers, according to the 2023 Snapshot of Race and Home Buying in American report by the National Association of Realtors.”
Negative
“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”
“There are instance 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 diffcult by certain societal hurdles that stand in the way, that should not exist.”
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