Source: Black Enterprise —
According to a national profile of homebuyers and sellers by the National Association of Realtors (NAR), American homebuyers are Whiter, older and wealthier.
The New York Times reports the NAR added first-time homebuyers account for the smallest share of the market for the first time in four decades. According to the NAR, White homebuyers account for 88 percent of home sales during the survey, a six percent increase from the same period in 2021 and the highest level since the late 1990s.
The findings validate the struggles younger Americans, especially those who have low to moderate incomes have had when trying to purchase a home for the first time. The U.S. housing market is deepening racial and generational disparities and the consequences could be dire in the future.
