CNN Business: Black Millennials Fueled a Surprising 2020 Home-Buying Surge for African Americans
The coronavirus pandemic and the resulting lockdowns that convinced Kenyan immigrant Lynn Poole and her husband to move out of their apartment in downtown Denver and purchase a three-bedroom house in Commerce City.
“We weren’t looking forward to living far away because we were worried we wouldn’t be able to see our friends as much,” Lynne recalled. “Now with the pandemic, we couldn’t see them anyway because of social distancing.”
“We weren’t looking forward to living far away because we were worried we wouldn’t be able to see our friends as much,” Lynne recalled. “Now with the pandemic, we couldn’t see them anyway because of social distancing.”
Poole is among those Black adults who have helped fuel a rise in African American homeownership this year.
A November 2020 report from the National Association of REALTORS found five perscent of Americans who purchased homes during the first three quarters of 2020 were Black, a one point increase from 2019. However, the increase followed a three percent increase in Black homeownership in 2019.