Everett Benyard thought he was finally in a strong enough financial position to purchase his first home earlier this year. He’d saved money by living with his parents for a time and secured a higher-paying job in 2020.
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. Benyard is one of many Black Americans who are being disproportionately priced out of pandemic-fueled housing boom.
Before the pandemic, the Black homeownership rate in America was slowly but steadily rising — a small but significant economic bright spot against a backdrop of racial inequality. Then the pandemic slammed the brakes on that upward trend, even as homeownership among White Americans continued to climb.