Youngstown on list for Black homeownership opportunities

YOUNGSTOWN, Ohio (WKBN) – According to the National Association of Realtors, Black homebuyers are feeling the real estate crunch more than many others.

The surging residential real estate market of the last two years led to record-high home prices and record-low inventory. This simultaneous “double trouble” has made it increasingly difficult for consumers, particularly Black Americans, to achieve homeownership, according to a new analysis from the National Association of Realtors and Realtor.com.

The professional organization said that there are 400,000 fewer affordable homes available for households earning $75,000 to $100,000 when compared to the start of the pandemic.

“The housing wealth gain has been sizable over the past two years,” said NAR Chief Economist Lawrence Yun. “However, due to the ongoing inventory shortage and rising interest rates, homeownership attainment will become especially challenging unless drastically more housing supply is available.”

“A significant and persistent racial homeownership gap exists in America,” the organization found. They say the ownership rate for white Americans is above 70%; however, the homeownership rate for Black Americans has been slightly above 40% – nearly 30 percentage points lower.

Nationwide, 35% of White households and only 20% of Black households have incomes greater than $100,000. Approximately half of all homes currently listed for sale (51%) are affordable to households with at least $100,000 income and substantial variances in affordability exist by metro area.

The National Association of Realtors and Realtor.com identified the top 10 most affordable housing markets for Black households. In these metro areas, Black households can afford to buy homes roughly in proportion to their income distributions. (Listed in alphabetical order):

• Akron, Ohio
• Baltimore, Md
• Birmingham, Ala
• Dayton, Ohio
• Detroit, Mich
• McAllen, Texas
• Memphis, Tenn
• St. Louis, Mo
• Toledo, Ohio
• Youngstown, Ohio.