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Housing

How a Hot Housing Market Exacerbates Inequality

Homeownership is becoming even less attainable as bidding wars, cash offers and racist ideas about buyers further disadvantage people of color.

A housing complex under construction in Lithonia, Georgia, on April 26, 2021. A sellers’ market in the U.S. has hurt buyers of color who have historically had less access to home ownership than white buyers.

A housing complex under construction in Lithonia, Georgia, on April 26, 2021. A sellers’ market in the U.S. has hurt buyers of color who have historically had less access to home ownership than white buyers.

Photographer: Elijah Nouvelage/Bloomberg
By
Elizabeth Korver-Glenn

The hot housing market we’re experiencing right now in the U.S. is making things hard for homebuyers, and it’s making things especially difficult for homebuyers of color.

In places like Albuquerque, Atlanta, Houston, Los Angeles and Raleigh, bidding wars, cash offers and waived appraisals have become commonplace, making homeownership less attainable for those who have already long been disadvantaged at nearly every stage of the purchase process.