Millions of existing homeowners have gotten a boost as they watch their equity grow, but millions more would-be homeowners are struggling to get their foot in the door — especially buyers of color.
The nation's sizzling housing market is a double-edged sword: millions of existing homeowners have gotten a boost as they watch their equity grow, but millions more would-be homeowners are struggling to get their foot in the door — especially buyers of color.
As of January of this year, the typical US home has gained more than $50,000 in value from the year prior — a jump of almost 20% — as millions of buyers bid against each other in a market defined by historic low inventory. The Sun Belt, which has been a relatively affordable alternative to the ultra-expensive coastal markets, was especially hot, with home values in major markets gaining as much as 45%.It increasingly looks like this year will be more of the same.
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