"Rising unemployment is one likely reason the homeownership rate for Black families has dropped recently, said Redfin Chief Economist Daryl Fairweather. The recent wave of federal layoffs hit Black households badly because government jobs have historically been an avenue of upward mobility for Black workers. DEI programs have also been dismantled in workplaces across the private and public sectors, which may have resulted in fewer Black employees being hired or promoted."
"The unemployment rate among Black Americans stood at 7.2% in July up from 6.3% a year earlier and the highest since October 2021. Rates for other groups remained relatively steady with Hispanic/Latino unemployment falling to 5% from 5.3%, white unemployment inching down to 3.7% from 3.8%, and Asian unemployment rising to 3.9% from 3.7%. Black women have faced some of the sharpest increases in joblessness. Their unemployment rate climbed to 6.3% in July from 5.5% a year earlier."
"By comparison, the Hispanic homeownership rate rose slightly to 48.8% from 48.5%. The rate for non-Hispanic white households dipped to 74% from 74.4%, and the Asian/Native Hawaiian/Pacific Islander rate slipped to 62.1% from 62.8%, the report said. High housing costs and elevated borrowing rates have posed barriers to homeownership in recent years. The average 30-year fixed mortgage rate has recently fallen below 6.5%, down from a peak above 7% at the start of the year."
Black homeownership fell sharply year over year, marking the steepest annual decline since the third quarter of 2021. Hispanic homeownership rose slightly to 48.8%, non-Hispanic white ownership dipped to 74%, and Asian/Native Hawaiian/Pacific Islander ownership slipped to 62.1%. Unemployment among Black Americans rose to 7.2% in July from 6.3% a year earlier, the highest since October 2021, with Black women seeing their unemployment climb to 6.3% from 5.5% and Black men rising to 7% from 6.6%. Federal layoffs and dismantled DEI programs have reduced hiring and promotion opportunities for Black workers. High housing costs and elevated borrowing rates have constrained homebuying, though 30-year mortgage rates recently fell below 6.5%.
#black-homeownership #unemployment-trends #federal-layoffs-and-dei-rollbacks #housing-affordability-and-mortgage-rates
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