Source: The Mercury News
It’s tough to buy a home in the Bay Area these days, but the prospect is especially daunting for black and Hispanic households, according to a new report Tuesday that highlights the role race plays in the region’s affordable housing shortage.
Last year black home buyers could afford just 10 percent of the San Jose-area houses on the market, and Hispanic buyers could afford 12 percent — while white buyers could afford 42 percent and Asian buyers could afford 46 percent, according to a Zillow analysis.
The disparity was even more pronounced in the San Francisco area and East Bay, where black buyers could afford just 5 percent of homes on the market last year, Hispanic buyers could afford 22 percent, Asian buyers could afford 48 percent and white buyers could afford 53 percent.
The numbers add another layer of complexity to the housing crunch that has pushed prices out of reach for many local residents.