Historically, home sales have remained relatively flat during the fall and early winter of election years compared with non-election years. This year, we expect 6.2 million total home sales, 3% more than 2019
Black homebuyers, who are less likely than their white counterparts to have jobs that can be done remotely, face higher home prices as white homebuyers move to more affordable suburbs.
Nationwide, 15.9% of Black Americans who apply for mortgages are rejected, compared with just 7% of white Americans. The gap is even wider in Milwaukee, San Francisco, Detroit and Chicago.
Even in Washington, DC, which has the highest Black homeownership rate in the U.S., just 51% of Black families own their home, versus more than 70% of white families. In Minneapolis, Milwaukee and Salt Lake City, just one-quarter of Black families own their homes.