Racial Homeownership Gap

The Racial Homeownership Gap Is Worst For Black Millennials

Posted on by TMN Editor
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…

Mortgage Applicants Denied For Insufficient Income At Increasing Rates

Posted on by TMN Editor
As affordability sank in 2022, potential buyers struggled against rising fees and were denied loans for a lack of income, according to a new analysis from the Consumer Financial Protection Bureau. Mortgage applications and originations declined last year as the market corrected from the low-rate-fueled pandemic housing boom. At the same time, affordability sunk to new lows, fees rose more than 20% YOY, and borrowers faced rising monthly costs. “The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” CFPB Director Rohit Chopra said. “These trends are likely to continue given further increases in interest rates in 2023.” Today, the national median payment applied for by purchase applicants…