“It’s an incredibly difficult market for all home buyers right now, especially first-time home buyers and especially first-time home buyers of color,” said Jessica Lautz, deputy chief economist for the National Association of Realtors.
First-time homebuyers of color facing higher hurdles
Nearly half of Black homebuyers in 2022 were first-timers, a statistic that paints a vivid picture of the uphill battle many face. According to Bloomberg, in the Atlanta metro area, emblematic of this struggle, median home prices have surged by 54% over the past four years, outpacing the national average.
For Shakeira and Tyreke Wesley, navigating Atlanta’s housing market has been a frustrating house-hunting experience. Despite being pre-approved for a $265,000 mortgage, finding a suitable home within that budget has proven elusive—a testament to the affordability crisis gripping the city.
Omid Zanjanchian, a real estate agent in the area, observes a dwindling pool of clients, with many Black first-time buyers grappling with tighter budgets and prolonged searches. The trend extends beyond Atlanta, with cities like Chicago and Washington witnessing similar spikes in housing costs.
“You have to get creative and kind of look at certain pockets of the city or go a little bit further out from the city to find that level of affordability,” said Zanjanchian in the Bloomberg report.
Source: mpamag.com