Source: AFRO.com —
Millennial buyers are the primary driver of Black homeownership in the U.S. Housing market right now. Many are leaving rental life behind to purchase their first home or investment property in pursuit of having equity and building wealth.
According to Realtor.com estimations, there will be at least 4.5 million young people maturing into their third decade of life per year until 2025. They will reach the age at which home buying becomes an important consideration in their life choices.
As of 2019, young Black millennials made up nearly 15.4 percent of the total Black population and 14.2 percent of the total population of young millennials in the United States.
Findings from Realtor.com show that “between October 2017 and September 2018, Black millennial buyers made up 18.5 percent of Black homebuyers, and the share jumped to 22.2 percent between October 2020 and September 2021.”
Rodney Dotson, an African-American realtor for The Mitchell Team of Sotheby’s International Realty and member of Black Luxury Agent Collective (B.L.A.C.), agrees.
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