Black households can afford just 25% of homes for sale

According to data collected by USA Today from RedFin, median-income black families could only afford 25 percent of U.S. homes for sale in 2018, down from 39 percent of homes on the market being within reach in 2012.

RedFin contributes the drop to multiple factors, including rising average mortgage interest rates (3.35 percent in 2012 compared to 4.54 percent in 2018); increasing demand for homes due to a strong economy; and developers constructing increasingly expensive homes to offset the cost of rising land, labor, and material costs.

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