Typically, Black homeowners began the process of purchasing a home with more than $38,000 in student loan debt

Over a 30-year period stretching from 1984 to 2017, 10 percent of Black homeowners became renters again

22 percent purchased multi-generational homes

25 percent compromised on the price of the home purchased

62 percent were rejected because of their debt-to-income ratio

13 percent were rejected for a mortgage loan application

Median age: 48

Median income: $75,000

51 percent were first-time buyers

77 percent were buyers of previously owned homes

88 percent bought their homes through an agent or broker

Median home price: $228,000

Almost two-thirds of Black wealth is composed of real estate and pensions, with 38 percent coming from pension assets alone.


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WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

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