According to this report, the trends point to a "less diverse, older, higher-income" crop of homebuyers as low production locks out the young and many people of color.
Research conducted by U.C. Berkeley's Terner Center for Housing Innovation "concludes that, increasingly, homebuying is becoming a privilege within the purview of only a few wealthy classes of Americans," Adam Brinklow writes.
Although that trend is most pronounced in the Bay Area and other coastal urban markets, "home prices are up more than 25 percent nationwide after inflation compared to 2000, with housing significantly less affordable in almost every major metro area."
Notably, the housing crisis is taking its toll on young and black homebuyers. "The rate of new homebuyers who are black declined from 8.5 percent in 2000 to 6.6 percent 16 years later. And the number of homebuyers under 35 crashed from 36 percent to 31.6 percent."
The report suggests that changes to the supply side of the housing equation could do much to boost ownership among younger and lower-income buyers.
FULL STORY: Young and black communities can’t afford homes because cities won’t build enough
Report: Just 7 Percent of Homes for Sale Affordable to Black Households
The affordability crisis continues to impact American households across the board, with 16 percent of listings affordable to the average household.
Housing Affordability Crisis Spreading to More Cities
Cities like Spokane, Washington courted new residents and businesses during the pandemic. Now, they're starting to wonder if it was worth it.
Homeownership an Uphill Battle for Black New Yorkers
Black home buyers face an array of challenges when trying to buy homes, leading to a widening gap between Black and white homeowners.
Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
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North Texas Transit Leaders Tout Benefits of TOD for Growing Region
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Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.
Private Donations Propel Early Restoration of Palisades Playground
Los Angeles has secured over $1.3 million in private funding to restore the Pacific Palisades playground months ahead of schedule, creating a modern, accessible space that supports community healing after recent wildfires.
From Blight to Benefit: Early Results From California’s Equitable Cleanup Program
The Equitable Community Revitalization Grant (ECRG) program is reshaping brownfield redevelopment by prioritizing projects in low-income and environmental justice communities, emphasizing equity, transparency, and community benefits.
Planting Relief: Tackling Las Vegas Heat One Tree at a Time
Nevada Plants, a Las Vegas-based nonprofit, is combating the city’s extreme urban heat by giving away trees to residents in underserved neighborhoods, promoting shade, sustainability, and community health.
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