Before the pandemic, the Black homeownership rate in America was slowly but steadily rising. Then the pandemic slammed the brakes on that upward trend, even as homeownership among White Americans continued to climb.
But the 30-year-old San Diego corrections officer has struggled to compete in one of the country's hottest real estate markets, where the median home price on single-family houses reached $860,000 in July, according to the California Association of Realtors. "I was just getting outbid, outbid big," Benyard told CNN Business during a recent phone interview."I went and saw many different places. ... I would go see something and the day after, it would be off the market.
The pandemic's skewed impactBlack Americans are overrepresented in low-wage service sector jobs that have been disproportionately hit by pandemic layoffs. Black Americans also tend to carry a higher burden of student loan debt, earn less money and have less savings on average when compared to their White counterparts.
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