A new study from ReadySetLoan found that 62% of Black homebuyers in 2024 purchased their first home, a figure just shy of the record 63% set in 2023. In contrast, first-time buyers across all demographics made up only 44% of the market, a decline from 50% in the previous year.
According to ReadySetLoan, this surge in Black homeownership was largely fueled by remote work opportunities, which allowed many renters to explore more affordable housing markets. The study found that Black renters were 29% more likely than other renters to reach a financial tipping point where remote work made homeownership possible.
Despite this progress, affordability challenges remain significant—Black households face some of the steepest barriers to homeownership, with only 17.6% of available listings considered affordable. However, down payment assistance programs and continued work-from-home flexibility have played a critical role in closing this gap, contributing to one of the strongest rebounds in Black homeownership in recent years.
If you're a first-time homebuyer navigating the market, ReadySetLoan is here to help. Contact us today to explore loan options, down payment assistance, and expert guidance tailored to your homeownership journey.
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