Zillow Despite the national DIP of first-time homeownership, black buyers beat trends in 2024, with 62% leading the market by buying their first home, according to new data released on Thursday did. This continues to grow, with first-time black buyers accounting for 55% of the market in 2022 and 63% in 2023.
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Despite the national DIP of first-time homeowners, Black Homebuyers defied trends in 2024, with 62% buying their first homes and markets led the way.
This continues to grow, with first black buyers accounting for 55% of the market in 2022 and 63% in 2023. In comparison, all first-time home buyers accounted for 50% of the market in 2023 and 44% in 2024.
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“In spite of the challenges of affordability, first-time home buyers for black people show a strong commitment to homeownership, a key driver of generational wealth,” said Orphe Divounguy, senior economist at Zillow. says.
Orphe Divounguy | Zillow Senior Economist
Programs such as down payment assistance, first-time buyer tax credits and flexible lending options have played a role in increasing access to homeowners, but remote work has also opened up opportunities in more affordable areas.
However, affordability remains a major hurdle. Black households typically earn less than their white counterparts and restrict access to their homes.
Zillow’s data suggests that a typical household can afford just 18% of homes listed last year, compared to 38% of white households and 57% of Asian households. The median income is $54,896, well below the $95,213 required to buy a home without exceeding 30% of the home’s income.
Share your affordable list by race | Zillow
Certain cities, along with St. Louis, offered better and more affordable prices. Birmingham, Alabama. Memphis, Tennessee is ranked as the most affordable market for typical black households, with around 30% of the listing within reach of people who have achieved median income.
Meanwhile, the most affordable markets were concentrated on the west coast, including California’s major Metros and Seattle. There, housing costs and restrictive building regulations further limit housing opportunities.
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