{"id":78128,"date":"2024-06-27T05:30:56","date_gmt":"2024-06-27T12:30:56","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78128"},"modified":"2024-06-26T15:02:15","modified_gmt":"2024-06-26T22:02:15","slug":"starter-homes-unaffordable-black-households","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/starter-homes-unaffordable-black-households\/","title":{"rendered":"Starter Homes Are Affordable to the Typical Black Family in Just 10 Major U.S. Metros"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Starter homes are affordable to a Black family earning the local median income in 10 major U.S. metros: Detroit, St. Louis, Baltimore, Indianapolis, Philadelphia, Cleveland, Pittsburgh, Warren, Columbus and Kansas City. For white families, starter homes are affordable in 32 major metros.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">In San Francisco, a Black family earning the local median income would have to spend 104% of their earnings on a starter home.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Nationwide, a Black family earning the median U.S. income would spend more than 40% of their income on monthly housing costs to afford the typical starter home.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The typical Black household can afford a starter home in just 10 of the 50 most populous U.S. metros,\u00a0 using the rule of thumb that a household should spend no more than 30% of their income on monthly housing costs. The typical white family can afford a starter home in 32 of those metros, over three times more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Detroit is the most affordable major metro area for Black families looking to buy a starter home. In Detroit, a family earning the local median income for a Black household would spend 16% of their earnings to afford the median-priced starter home, taking current mortgage rates into account.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is based on an analysis that estimates median monthly housing payments for starter homes sold in May 2024, by race, for the 50 most populous U.S. metro areas. It is focused on \u201cstarter homes,\u201d which we consider homes estimated to be in the 5th to 35th percentile of their respective metro area based on market value. We use the words \u201chousehold\u201d and \u201cfamily\u201d interchangeably in this report. Please see the end of this report for more on methodology.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Detroit is followed by St. Louis, where a family earning the local median income for a Black household would spend 21% of their earnings to afford the typical starter home. Next come\u00a0 Baltimore (23%), Indianapolis (26%), Philadelphia (27%), Cleveland (27%), Pittsburgh (29%), Warren, MI (30%), Columbus, OH (30%) and Kansas City, MO (30%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Starter homes are affordable to Black families in those metro areas because they\u2019re among the least expensive places in the country to buy a home. In Detroit, for instance, the typical starter home costs just $66,000 and comes with a median monthly payment of $579.\u00a0<\/span><\/p>\n<h2>The typical Black family is unable to afford the median-priced starter home in the vast majority of major metros<\/h2>\n<p><span style=\"font-weight: 400;\">Starter homes are<\/span><i><span style=\"font-weight: 400;\"> unaffordable <\/span><\/i><span style=\"font-weight: 400;\">to the typical Black household in the 40 other U.S. metros included in this analysis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In San Francisco, a Black family earning the local median income would have to spend more money than they make (104% of their earnings) on the typical starter home\u2014the highest share in the country. All five of the least affordable markets for starter homes for Black families are in California; after San Francisco comes neighboring San Jose, where the typical Black family would spend 89% of their income on a starter home. Rounding out the top five are Los Angeles (81%), San Diego (78%) and Anaheim (71%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s essentially impossible for typical Black families to afford starter homes in much of California, even with healthy earnings, because it\u2019s home to such expensive housing markets. In San Francisco, where the median household income for Black households is $81,205, starter homes are unaffordable because the median-priced starter home costs nearly $1 million and the monthly payment is over $7,000. (It\u2019s also difficult for white families to afford starter homes in San Francisco, but to a lesser extent; a household earning the local median income for white families would spend 44% of their earnings on a starter home.)<\/span><\/p>\n<h2>Nationwide, the typical Black family would spend 41% of their earnings on housing to afford a starter home<\/h2>\n<p><span style=\"font-weight: 400;\">Zooming out to the nation as a whole, the median-priced starter home is unaffordable to the typical Black American family. A household earning the median U.S. income for Black families ($57,129) would spend 41% of their earnings to afford the typical U.S. starter home, which costs $250,000 and comes with a monthly payment of $1,960 at the current average mortgage rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For comparison, starter homes are<\/span> <span style=\"font-weight: 400;\">affordable to the typical white family nationwide. A household earning the median U.S. income for white families ($90,995) would spend 26% of their earnings to afford the typical starter home. The story is similar for Asian Americans;\u00a0 a household earning the median U.S. income for Asian households would spend 20% of their earnings to afford the typical starter home. Starter homes are unaffordable for Hispanic families, though the affordability gap is relatively small: Hispanic households would spend 32% of their incomes on the median-priced starter home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cStarter homes have become increasingly difficult for everyone to afford, with prices of the typical starter home <\/span><a href=\"https:\/\/www.redfin.com\/news\/starter-home-affordability-february-2024\/\"><span style=\"font-weight: 400;\">up 8%<\/span><\/a><span style=\"font-weight: 400;\"> in the last year alone. That has pushed buyers who earn more money to buy starter homes and pushed lower-income buyers out of the market altogether\u2013and many of those lower-income buyers are Black,\u201d said Redfin Senior Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/elijah-delacampa\/\">Elijah de la Campa<\/a>. \u201cThe encouraging news is that while there\u2019s still a major homeownership <\/span><a href=\"https:\/\/www.redfin.com\/news\/homeownership-rate-black-millennials\/\"><span style=\"font-weight: 400;\">gap<\/span><\/a><span style=\"font-weight: 400;\"> between Black and white families, there are signs more Black Americans could start getting their foot in the door:\u00a0 The share of U.S. mortgages taken out by Black homebuyers has <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-mortgages-by-race-2024\/\"><span style=\"font-weight: 400;\">ticked u<\/span><\/a><span style=\"font-weight: 400;\">p recently, and the racial wage gap is <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/06\/19\/briefing\/juneteenth-racial-wage-gap.html\"><span style=\"font-weight: 400;\">shrinking<\/span><\/a><span style=\"font-weight: 400;\">.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">October 2023, when mortgage rates hit a 23-year high of 7.8%, was the least affordable month on record for Black families buying starter homes; at that time, they would have had to spend 44% of their income on the typical starter home. Affordability has improved\u2013but only slightly\u2013since then.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78129 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/unnamed-9.png\" alt=\"\" width=\"922\" height=\"696\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/unnamed-9.png 922w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/unnamed-9-300x226.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/unnamed-9-768x580.png 768w\" sizes=\"(max-width: 922px) 100vw, 922px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Before the pandemic homebuying frenzy drove up housing costs, median-earning Black families could afford the typical U.S. starter home, though without much wiggle room. In 2019, Black families would have spent about 28% of their income on a starter home. The last time starter homes were affordable to a Black family earning the median income was January 2022, just before mortgage rates started increasing. White families could more comfortably afford starter homes before the pandemic; they would have spent around 17% of their income on one in 2019.\u00a0<\/span><\/p>\n<h2>Racial wealth gap makes it harder for Black families to afford starter homes<\/h2>\n<p><span style=\"font-weight: 400;\">It\u2019s considerably more difficult for the typical Black family than the typical white family to afford starter homes because the median income is lower for Black households. Additionally, Black families have less generational wealth, stemming from the nation\u2019s history of systemic racism. The racial income gap is a big\u00a0 driver of the racial housing affordability gap: The estimated median income for Black households nationwide is $57,129; for white families, it\u2019s $90,995.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to the income gap, there\u2019s a major racial wealth gap: The gap between Black and white families in liquid assets is <\/span><a href=\"https:\/\/www.jpmorganchase.com\/institute\/all-topics\/financial-health-wealth-creation\/report-racial-gaps-in-financial-outcomes\"><span style=\"font-weight: 400;\">even bigger<\/span><\/a><span style=\"font-weight: 400;\"> than the income gap. That\u2019s partly due to decades of <\/span><a href=\"https:\/\/www.redfin.com\/news\/redlining-real-estate-racial-wealth-gap\/\"><span style=\"font-weight: 400;\">redlining<\/span><\/a><span style=\"font-weight: 400;\">, racist <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-01-08\/mapping-the-segregation-of-minneapolis\"><span style=\"font-weight: 400;\">housing covenants<\/span><\/a><span style=\"font-weight: 400;\"> and other discriminatory policies. Black homebuyers also face other barriers to buying real estate; for instance, they\u2019re <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-denials-by-race-united-states\/\"><span style=\"font-weight: 400;\">more likely<\/span><\/a><span style=\"font-weight: 400;\"> to have their mortgage applications rejected. Less than half (<\/span><a href=\"https:\/\/eyeonhousing.org\/2024\/02\/homeownership-rates-by-race-and-ethnicity-3\/#:~:text=According%20to%20data%20from%20the,and%20Black%20Americans%20(45.9%25).\"><span style=\"font-weight: 400;\">45.9%<\/span><\/a><span style=\"font-weight: 400;\">) of Black Americans own their homes, compared with 73.8% of white Americans. That means Black households are much more likely to be renters, and the increasing cost of starter homes also pushes prices of <\/span><i><span style=\"font-weight: 400;\">rentals <\/span><\/i><span style=\"font-weight: 400;\">up because of increased demand.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That leaves Black families who rent with higher rental payments and\u00a0 less opportunity to save for a down payment than before the pandemic housing boom drove up prices. It leaves Black families who are buying a home with lower down payments and bigger monthly mortgage payments.\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"6\"><b>Metro-level summary: Affordability of starter homes, Black households vs. white households (May 2024)<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">50 most populous U.S. metros<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Ranking: Metros where Black households spend the smallest share of their income on a starter home, to metros where they spend the biggest share<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Share of income spent on typical starter home: Black households<\/b><\/td>\n<td><b>Share of income spent on typical starter home: White households<\/b><\/td>\n<td><b>Median monthly payment<\/b><\/td>\n<td><b>Median household income: Black households<\/b><\/td>\n<td><b>Median household income: White households<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$579<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$43,985<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$82,278<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$973<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$55,391<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$94,610<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,779<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$92,147<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$123,171<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,381<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$63,758<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$92,759<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,139<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$50,652<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$97,585<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,081<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$47,395<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$86,753<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$975<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$40,847<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$84,484<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,533<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$62,019<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$98,042<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,625<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$64,839<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$95,569<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,473<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$58,320<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$97,089<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,458<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$57,308<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$92,994<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,880<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$108,418<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$160,463<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,139<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$78,066<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$115,202<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,854<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$66,069<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$96,793<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,920<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$66,931<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$91,415<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,871<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$63,882<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$88,315<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,957<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$66,730<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$116,979<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,934<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$65,754<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$101,021<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,068<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$66,405<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$94,586<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,886<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$60,481<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$114,494<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,978<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$61,367<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$101,700<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,691<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$51,833<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$93,371<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,571<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$78,097<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$127,571<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,134<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$63,311<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$95,063<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,471<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$73,121<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$116,122<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,159<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$63,675<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$104,292<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,052<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$59,522<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$82,717<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,188<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$63,265<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$113,071<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,447<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$69,655<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$97,829<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,089<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$87,750<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$120,238<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,534<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$126,828<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$149,856<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,282<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$87,978<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$141,426<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,524<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$67,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$97,219<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,013<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$79,021<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$98,311<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,962<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$76,434<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$97,098<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,006<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$76,777<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$116,812<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,294<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$53,214<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$87,933<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,278<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$74,201<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$119,617<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,570<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$78,911<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$106,970<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,158<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$85,845<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$133,150<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,345<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$68,213<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$104,851<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,650<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$53,153<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$105,853<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,083<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$73,795<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$122,385<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,687<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$82,403<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$154,378<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,465<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$75,676<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$131,042<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,073<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$102,280<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$135,042<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,795<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$74,027<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$120,480<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">81%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,446<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$66,257<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$117,611<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">89%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$7,546<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$101,826<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$178,214<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">104%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$7,051<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$81,205<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$192,156<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National<\/b><\/td>\n<td><b>41%<\/b><\/td>\n<td><b>26%<\/b><\/td>\n<td><b>$1,960<\/b><\/td>\n<td><b>$57,129<\/b><\/td>\n<td><b>$90,955<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Methodology<\/h2>\n<p><span style=\"font-weight: 400;\">This report is based on an analysis that estimates median monthly housing payments for starter homes sold in May 2024, by race. The analysis uses median home-sale prices, monthly mortgage rates (averaging 7.06% for May 2024) and median household incomes by race, and the assumption of a 5% down payment, principal, interest, taxes and insurance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Median household incomes come from the U.S. Census Bureau\u2019s American Community Survey, which provides income data by race; because the most recent data is from 2022, we estimated current income levels based on national wage growth through May 2024. For the metro-level data, we use local median incomes by race as of 2022, grown at the national wage-growth rate. The estimated median income for white households is grown using wage growth data for \u201cwhite\u201d households, and the estimated median income for Black households is grown using wage growth data for \u201cnon-white\u201d households. All discussion of metro-level affordability uses local median incomes, and discussion of national affordability uses the national median income. We use the words \u201chousehold\u201d and \u201cfamily\u201d interchangeably in this report.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This report is focused on \u201cstarter homes,\u201d which we consider homes estimated to be in the 5th to 35th percentile of their respective metro area based on market value.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starter homes are affordable to a Black family earning the local median income in 10 major U.S. metros: Detroit, St. Louis, Baltimore, Indianapolis, Philadelphia, Cleveland, Pittsburgh, Warren, Columbus and Kansas City. For white families, starter homes are affordable in 32 major metros.\u00a0 In San Francisco, a Black family earning the local median income would have [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":78130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","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":"set","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":[15,20],"dashboard":[],"coauthors":[124],"class_list":["post-78128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-equality-policy","category-race-real-estate","tag-diversity","tag-housing-affordability"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Starter Homes Are Affordable to the Typical Black Family in Just 10 Major U.S. Metros<\/title>\n<meta name=\"description\" content=\"Starter homes are affordable to a Black family earning the local median income in Detroit, St. Louis, Baltimore, Indianapolis, Philadelphia, Cleveland, Pittsburgh, Warren, Columbus and Kansas City. 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