{"id":72782,"date":"2021-06-29T05:00:12","date_gmt":"2021-06-29T12:00:12","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72782"},"modified":"2021-06-28T15:23:38","modified_gmt":"2021-06-28T22:23:38","slug":"redfin-survey-black-homeownership-financial-barriers","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-survey-black-homeownership-financial-barriers\/","title":{"rendered":"Black Americans Face Bigger Financial Barriers to Homeownership Than White Americans: Redfin Survey"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">23% of white homeowners report making no financial sacrifices to buy their first home, versus 14% of Black homeowners. The fact that Black Americans are more likely to face hurdles when purchasing a home is one reason for the substantial racial homeownership gap in the U.S.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The homebuying process is \u201cabsolutely different for a person of color,\u201d according to Thomas Loving, a cybersecurity professional who spoke at Redfin\u2019s recent <a href=\"https:\/\/www.redfin.com\/news\/redfin-event-black-homebuying-experience\/\">Homebuying: The Black Experience<\/a> symposium.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s not an easy journey. I really struggled trying to get an offer accepted on a house when I arrived in Houston,\u201d said Loving. \u201cI earn more than $400,000 a year, even without taking my spouse\u2019s income into account, and I was in a position where I had to jump through hoops to prove that I could afford even a starter home. It was outrageous. Black homebuyers are the exception, not the standard, and people often assume we can\u2019t afford to buy a home even when we have successful careers and earn high incomes.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s just one example of a Black American facing unequal hurdles in the homebuying journey. A June Redfin survey of 1,500 homeowners found that there\u2019s a measurable difference in the homebuying experience for Black and white people, with Black Americans facing greater financial and generational barriers to homeownership. Here are the key takeaways:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Black homeowners were more likely than white homeowners to have made financial sacrifices\u2014like taking on an extra job\u2014to afford their first home.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Black homeowners were about twice as likely as white homeowners to have been high earners when they bought their first home.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Black homeowners were less likely than white homeowners to have parents and grandparents who are homeowners, which means they\u2019re more likely to benefit from generational wealth when they\u2019re purchasing a home.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These findings suggest the financial standard for becoming a homeowner is higher for Black people than white people, making it more difficult for Black Americans to buy homes and contributing to the<\/span><a href=\"https:\/\/fred.stlouisfed.org\/release\/tables?rid=296&amp;eid=784188#snid=784198\"> <span style=\"font-weight: 400;\">substantial homeownership gap<\/span><\/a><span style=\"font-weight: 400;\"> between the two groups, with 73.8% of white Americans owning their home in the first quarter of 2021 versus just 45.1% of Black Americans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHomeownership is closely tied to the American ideal of freedom, and specifically financial freedom,\u201d said Redfin Chief Economist Daryl Fairweather. \u201cThe fact that Black buyers report earning more money and making more financial sacrifices to enter the homeowner class is one example of how difficult it is for Black people in this country to achieve the American dream.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBlack homebuyers may believe they face higher standards than their white counterparts for getting a mortgage and getting their offer accepted, so they don\u2019t even try to buy a home until they\u2019re earning a significant amount of money,\u201d Fairweather continued. \u201cAnd some Black buyers assume they need to earn more than is necessary to buy a home because they don\u2019t have parents or role models teaching them the finances of homeownership.\u201d <\/span><\/p>\n<h4>Black homeowners more likely to make financial sacrifices, earn high incomes to buy their first home<\/h4>\n<p><span style=\"font-weight: 400;\">Twenty-three percent of white homeowners made no financial sacrifices to buy their first home, versus 14% of Black homeowners. Meanwhile, 30% of Black respondents took an extra job to afford their first home, versus 22% of white respondents.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-72811 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/sacrifices-to-afford-first-home-1-1024x767.png\" alt=\"\" width=\"1024\" height=\"767\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/sacrifices-to-afford-first-home-1-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/sacrifices-to-afford-first-home-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/sacrifices-to-afford-first-home-1-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/sacrifices-to-afford-first-home-1.png 1201w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, 21% of Black homeowners earned $150,000 or more when they bought their first home, versus 11% of white homeowners. And 58% of white homeowners earned less than $50,000 when they purchased their first home, versus just 34% of Black homeowners.\u00a0\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-72812 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/income-when-purchased-first-home-1-1024x767.png\" alt=\"\" width=\"1024\" height=\"767\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/income-when-purchased-first-home-1-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/income-when-purchased-first-home-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/income-when-purchased-first-home-1-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/income-when-purchased-first-home-1.png 1201w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">A recent <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-denials-by-race-united-states\/\"><span style=\"font-weight: 400;\">Redfin analysis of mortgage denials<\/span><\/a><span style=\"font-weight: 400;\"> supports the idea that there are higher financial hurdles for Black Americans to buy homes: Nationwide, 16% of Black Americans who apply for mortgages are rejected, compared with 7% of white Americans. Black homebuyers are more frequently turned down due to debt and credit scores than their white counterparts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the June Redfin survey found that Black homeowners are slightly more likely to have debt<\/span><span style=\"font-weight: 400;\">\u2014<\/span><span style=\"font-weight: 400;\">40% of Black homeowners had more than $5,000 worth of debt when they bought their first home, versus 35% of white respondents<\/span><span style=\"font-weight: 400;\">\u2014<\/span><span style=\"font-weight: 400;\">biases held by lenders and the <\/span><a href=\"https:\/\/digitalcommons.law.yale.edu\/cgi\/viewcontent.cgi?article=1122&amp;context=yjolt\"><span style=\"font-weight: 400;\">algorithms they use<\/span><\/a><span style=\"font-weight: 400;\"> may also play a part in denying loans to certain groups.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBlack people who succeed in buying a home have to be Superman or Superwoman,\u201d said Bryan Greene, vice president of policy advocacy for the National Association of Realtors, said at Redfin\u2019s symposium. \u201cThey need to have higher degrees, they have more debt, they face persistent rejection and generally carry around bigger burdens to achieve the same goal as white people.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A recent <\/span><a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/highlights-from-the-profile-of-home-buyers-and-sellers\"><span style=\"font-weight: 400;\">survey from NAR<\/span><\/a><span style=\"font-weight: 400;\"> found that 30% of Black homeowners have advanced degrees, versus 24% of white homeowners. Meanwhile, 43% of Black homeowners have student debt, versus 21% of white homeowners. That supports the notion that Black homebuyers are held to a higher standard than their white counterparts, and at the same time they carry bigger financial burdens.\u00a0<\/span><\/p>\n<h4>Black homeowners less likely to have parents who are homeowners<\/h4>\n<p><span style=\"font-weight: 400;\">Seventy-four percent of Black respondents to the survey have parents who are homeowners, versus 84% of white respondents. And 67% of Black respondents have grandparents who are homeowners, versus 72% of white respondents.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Note that all respondents to this survey are homeowners, so the likelihood of having parents and grandparents who are also homeowners is higher than it is for the general population for both races.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-72814 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/parents-and-grandparents-1-1024x767.png\" alt=\"\" width=\"1024\" height=\"767\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/parents-and-grandparents-1-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/parents-and-grandparents-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/parents-and-grandparents-1-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/parents-and-grandparents-1.png 1201w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Redlining, the racist housing policy that effectively <\/span><a href=\"https:\/\/www.redfin.com\/news\/redlining-real-estate-racial-wealth-gap\/\"><span style=\"font-weight: 400;\">blocked many Black families<\/span><\/a><span style=\"font-weight: 400;\"> from obtaining mortgages throughout the middle of the 20th century, is one reason Black homeowners are less likely to have parents and grandparents who are also homeowners. It\u2019s also a significant factor in the comparatively low Black homeownership rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHomeownership is one of the most common ways to build wealth in this country, and parents who own their own homes can take advantage of that financial stability to help their children become homeowners,\u201d Fairweather said. \u201cMany Black Americans don\u2019t have a generational legacy of homeownership, which means they have one more barrier to break down before purchasing a home.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more on the Black homebuying experience and ways the real estate industry can address inequalities in the housing market, <a href=\"https:\/\/www.redfin.com\/news\/redfin-event-black-homebuying-experience\/\">here\u2019s a recap<\/a> of Redfin\u2019s recent symposium on the topic.\u00a0<\/span><\/p>\n<h4>Methodology<\/h4>\n<p><span style=\"font-weight: 400;\">This report is based on a June Redfin survey of about 1,500 homeowners. The survey, fielded during the first week of June, had more than 1,500 respondents: 238 of the respondents identified themselves as Black, and 499 identified themselves as white, 385 identified themselves as Hispanic and 387 identified themselves as another race. We plan to publish additional findings from the survey in the coming weeks.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>23% of white homeowners report making no financial sacrifices to buy their first home, versus 14% of Black homeowners. The fact that Black Americans are more likely to face hurdles when purchasing a home is one reason for the substantial racial homeownership gap in the U.S.\u00a0 The homebuying process is \u201cabsolutely different for a person [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":72786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[43,53],"tags":[15],"dashboard":[],"coauthors":[124],"class_list":["post-72782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-equality-policy","category-race-real-estate","tag-diversity"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Black Americans Face Bigger Financial Barriers to Homeownership Than White Americans: Redfin Survey<\/title>\n<meta name=\"description\" content=\"23% of white homeowners report making no financial sacrifices to buy their first home, versus 14% of Black homeowners. 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