Higher upfront costs add to the challenge faced by renters of color searching for a new home in today s tight rental market Renters of color pay security.
The monthly mortgage payment on a typical U.S. home increased from $885 last January to a record-setting $1,162 this January, a 31% jump, according to a report by Jeff Tucker, a senior economist at Zillow. According to Tucker's analysis, a 19.9% jump in the value of a typical home, combined with an increase in 30-year fixed mortgage rates from 2.74% to 3.45% over that time, resulted in a 1-2 punch to potential homebuyers.