A new report details a grim reality as America continues to deal with a housing shortage and financial hurdles for people looking to own a home. According to the National Association of Realtors, homebuyers are now older and wealthier than ever, as the average age of homebuyers has reached an all-time high.
But age isn’t the only factor that has increased. It’s also the median income of those who are buying.
The Race Gap For Homebuyers Is Increasing
Unfortunately, there is still a race gap between white homeowners and Black homeowners.
“Overall, 83% of buyers were White/Caucasian, up from 81 percent last year,” the report reads. Only 7% of recent buyers identified as Black/African-American.
Another dramatic change was revealed in the report: buyers with children are not purchasing homes as much.
Multigenerational living remains popular, with an all-time high of 17% of all buyers purchasing a home that will house different generations, the report reads. The most common reasons are cost savings, elder care, and young adults moving back.
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Source: Black Enterprise
