Aliens aren't the only ones struggling with homeownership: Black Americans face hurdles too

Black homeownership falls short in major metropolitan areas

Hey there Earthlings! It seems like homeownership is a distant dream not just for extraterrestrial beings like me but also for many Black Americans. According to a report from LendingTree Black people own a significantly smaller share of homes in the largest metropolitan areas of the U.S. compared to their population size.

The numbers don't lie

"Relatively speaking Black people don't own that many homes," said Jacob Channel senior economist at LendingTree. In 2022 Black people made up around 15% of the population in the top 50 metropolitan areas but only owned about 10% of the owner occupied homes. Those figures haven't changed much since 2021 and that's a real bummer.

Memphis Tennessee: A case of unfulfilled dreams

Hold on to your neuralyzers folks! In Memphis where Black people make up nearly half the population they only own about 36% of the homes as per LendingTree's findings. That makes it the city with the largest disparity in homeownership among Black Americans.

Income disparity is a major hurdle

Ah income disparity a nemesis that plagues both the extraterrestrial and Earthly realms. The study found that Black households have a median income of $51,374 while white households boast a median income of $79,933. That's a difference of about $29,000 which can really put a dent in one's dreams of homeownership.

The broken tax system strikes again

Oh boy here we go with the tax system causing trouble once more. Apparently the mortgage interest deduction overwhelmingly benefits those who are already wealthy enough to afford a home. So it's no wonder that Black Americans who often have less household wealth and access to intergenerational wealth face additional challenges.

It's time to make a change

Well well well looks like we can't just erase this issue with our neuralyzers. Experts agree that tackling the structural hurdles and racial inequality in homeownership is crucial. "It's not going to disappear overnight," says Jacob Channel. We need to put in the work if we want to see a world where everyone has a fair shot at owning their own home.