While the racial homeownership gap exists in every generation, Black Millennials have it worse off than any other age group.
That’s according to a new analysis from Redfin, which found that just one-third of Black Millennials own their home (33%), compared to 65% of white Millennials, the largest divide of any generation.
By comparison, 52% of Black Gen Xers own their home, compared to 80% of white Gen Xers. Six in ten Black Boomers own their home, while 85% of white Boomers do.
White and Black adult Gen Zers own their homes at rates around 30% and 16%, respectively – not as bad as the Millennial divide, but still significant.
Black Americans face challenges ranging from the impact of racist…
Bank of America is introducing a zero down payment, zero closing cost mortgage solution for first-time buyers geared towards underserved communities. The Community Affordable Loan Solution will roll out in designated markets, including certain Black and Hispanic/Latino neighborhoods in Charlotte, Dallas, Detroit, LA, and Miami. It is a Special Purpose Credit Program that operates off of factors like timely rent, utility bill, phone, and car payments. It does not require mortgage insurance and a minimum credit score. Eligibility is based on income and home location. Prospective buyers have to complete a homebuyer certification course from approved counseling partners prior to application. The program is in addition to BoA’s existing Community Homeownership Commitment program, which aims to help 60,000 individuals and…
