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Despite a nationwide dip in first-time homeownership, Black buyers have bucked the trend in 2024, leading the market with 62 percent purchasing their first home, according to new data released by Zillow Thursday. This continues a growing trend, with Black first-time buyers making up 55 percent of the market in 2022 and 63 percent in 2023.
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Despite a nationwide dip in first-time homeownership, Black homebuyers managed to buck the trend in 2024, leading the market with 62 percent purchasing their first home, according to new data released by Zillow Thursday.
This continues a growing trend, with Black first-time buyers making up 55 percent of the market in 2022 and 63 percent in 2023. In comparison, all first-time homebuyers made up 50 percent of the market in 2023 and 44 percent in 2024.
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“Despite affordability challenges, Black first-time homebuyers are demonstrating a strong commitment to homeownership, a key driver of generational wealth,” Zillow Senior Economist Orphe Divounguy said.
Orphe Divounguy | Zillow Senior Economist
Programs such as down payment assistance, first-time buyer tax credits and flexible lending options have played a role in increasing access to homeownership, while remote work has also opened opportunities in more affordable areas.
However, affordability remains a major hurdle. Black households typically earn less than their white counterparts, limiting their access to housing.
Zillow’s data suggests that the typical household could afford just 18 percent of homes listed last year, compared to 38 percent for white households and 57 percent of Asian households. With a median income of $54,896 — far below the $95,213 needed to purchase a home without exceeding 30 percent of income on housing — many Black buyers still face barriers to homeownership.
Share of Affordable Listings by Race | Zillow
Certain cities offered better affordability, with St. Louis; Birmingham, Alabama; and Memphis, Tennessee, ranking as the most affordable markets for typical Black households, where around 30 percent of listings were within reach for those earning the median income.
Meanwhile, the least affordable markets were concentrated on the West Coast, including major California metros and Seattle, where housing costs and restrictive building regulations have further limited housing opportunities.