Telework Could Make Home Ownership More Accessible to Black Renters: Zillow
The rapid rise in pandemic-driven telework could make first-time homeownership more accessible to Black renters compared with other groups, based on factors such as income, the makeup of local industries and geography, reported Zillow. Research showed that of the nearly…
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2 million U.S. renters who are able to take advantage of heightened telework options and could afford monthly payments on homes in less-expensive areas outside their current metropolitan areas, “Black renters benefit far more than other renters,” said the real estate website. “In large metro areas where typical starter home values are higher than they are nationally, Black renters are 29% more likely than other renters to be able to buy their first home in a less expensive area because of the opportunity to work from home permanently.” Zillow emphasized, though, that the Black and white homeownership gap “remains as wide today as it was at the dawn of the 20th century.” Nearly 75% of white households own their homes, compared with 44% of Black families, it said. “While remote work can open up opportunities to buy a home in more affordable locations, it doesn't address the root of the various affordability issues for people of color.”