By the Numbers: African American Home Buyers
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.
