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.

1 minute read

January 31, 2024, 12:00 PM PST

By Diana Ionescu @aworkoffiction


Red and white "For Sale" sign in front yard of suburban house.

seanlockephotography / Adobe Stock

An article by Gabriella Cruz-Martinez in Yahoo Finance highlights how the housing crisis disproportionately impacts Black and Latino households. According to research from Redfin, “The average Black household could afford just 7% of listings for sale last year on a median income, while white households could afford 22% of listings. The share was nearly as bad for Latino households, which could afford just 10% of homes for sale.”

Across the country, only 16 percent of homes were affordable to the average homebuyer, ethnicity notwithstanding, a drop of 41 percent since 2022. In some of the most expensive markets like Anaheim, California, affordability rates are below 0.5 percent for Black and Latino households and 2 percent for white households. “At a national level, an average homebuyer in 2023 had to earn an annual income of at least $109,868 if they were aiming to spend under 30% of their income on a monthly mortgage payment for a median-priced home.”

The prognosis is less grim for 2024, as rent prices have started to decrease, but average rent costs remain above pre-pandemic levels. “According to Redfin, the increase in housing supply throughout 2024 and a burst of new construction could cause prices to drop by 1% on average by year-end.”

Saturday, January 27, 2024 in Yahoo Finance

Young Professional

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban and Environmental Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban and Environmental Planner

Get top-rated, practical training for planners

"Planetizen federal action tracker" logo superimposed over black and white image of US Capitol dome.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

3 hours ago - Zachary Whalen

Overlapping highways

The state-sanctioned urbicide of Austin

People don’t kill cities. Freeways do.

September 8, 2026 - Benjamin Schneider

The Hoover Dam blocking the Colorado River. The river's water level is noticeably low. The cliffs surrounding the blue water are brown and jagged.

US to reduce Colorado River water deliveries to Mexico

A new Colorado Treaty amendment reduces Mexico’s Colorado River water allocation by 250,000 acre feet.

September 11, 2026 - The Arizona Republic

People boarding a bus on Maryland's Orange Route.

Baltimore to break ground on $50 million Transit Priority Project

The project will bring faster bus trips, safer streets and better bike connections to Baltimore.

1 minute ago - Mass Transit

A brick building with a circular sign with the Airbnb logo hanging off of it.

Airbnb launches $250 million 'last-dollar financing' housing accelerator, makes first investment in Austin

The company will put $6.4 million towards affordable housing development in Texas’ capital.

1 hour ago - Smart Cities Dive

One side of the image shows a Chicago bus stop without a bench, the second image shows the bus stop with a yellow and blue bench.

Guerilla urbanists are building DIY bus stop benches in Chicago

A before-and-after of one of the bus stops with a new bench. The new benches are not officially sanctioned or permitted, but the residents who placed them hope they will be the start of a network of DIY benches across the city.

2 hours ago - Block Club Chicago

FREE Course: Walkable City 1: Why Walkability?

After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.

Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold

The course focuses on the opportunities and imperatives that shape reinvention of mall sites.