Mortgage Connects
Black Homeownership Opportunities
How you can play a bigger role in supporting Black homebuyers
Lack of housing inventory, soaring home prices, rising interest rates and tight lending standards plus a history of discrimination and inequity have made the path to homeownership challenging for Black Americans. Despite all that, potential buyers are prepared to buy homes, and many have few or no barriers to entry.
You play a critical role in empowering future Black homeowners and you can leverage the insights in this infographic to help you create pathways to actively support Black borrowers.
Explore five compelling reasons to focus your effort growing the pool of Black borrowers.
1. Large market potential
With 3 million mortgage-ready Black households1 and an additional 2 million meeting income requirements2, the Black community represents a substantial untapped market.
2. Higher-income renters
There are 1.7 million Black millennial renters earning over $100K2. This indicates a financially capable segment of the population that could transition into homeownership.
3. A thirst for knowledge
Over 2 million Black households meet mortgage income qualifications, but they lack the mortgage process knowledge to become buyers. Providing homebuyer education and first-time-homebuyer resources presents an opportunity to energize this pool of potential buyers.
4. Looking for assistance
Historical disparities in income, wealth accumulation and access to financial resources have contributed to down payment challenges. Down Payment Assistance programs can be game changers for potential Black homeowners who struggle with upfront costs.
5. Advocacy for fair housing
Increasing Black homeownership rates can help rectify historical housing inequalities and discrimination. You can drive positive change by championing advocacy initiatives for the Black community.
Jumpstart your outreach
With a comprehensive understanding of their challenges and characteristics, you can implement actionable solutions to assist Black homebuyers in achieving their pursuit of the American dream.
1 Urban Institute, 2023; 2 National Mortgage News, 2021
