Minorities Increasingly Priced Out of Housing Market #realestate #homeownership #investment

Source:  Marketplace

According to a new report from real estate brokerage Redfin, it's getting harder and harder for middle-class families to afford housing in the U.S.  In the nation's 30 biggest metro areas, the number of home listings middle-class families can afford has dropped by 32 percent since 2012, and the shrinking pool of affordable housing is felt most acutely by minorities.

According to the Redfin report, just 18 percent of new home listings were affordable for median-income Hispanic families, compared to 14 percent for median-income African-Americans.  Both rates were down 11 percentage points from 2012.  This is compared to 30 percent affordable for those earning the median income for white households.

As housing costs rise faster than wages, minorities are being priced out of their own neighborhoods, often after decades of investment.

In addition to the affordability gap, mortgages are also harder to get.

Click the link to check out the full story:
https://www.marketplace.org/2017/05/26/economy/minorities-increasingly-priced-out-housing-market

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