LEARNING AREA: Real Estate Development
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Race and Home buying in America

Snapshot of Race and Home Buying in America

Author:

National Association of REALTORSĀ® Research Group

Year:

2023

Description:

In 2022, housing affordability reached historic lows due to rising rates and home prices, forcing many buyers out of the market. Mortgage rates doubled from the previous year, while home prices reached all-time highs. First-time buyers faced the double whammy of increasing rents and high mortgage rates. Homeownership rates varied across demographic groups, with minority families lagging behind. Homeownership has social and financial benefits.