The pandemic pushed California home prices into overdrive last year, spurring demand for single-family homes as families sought more space and were able to move further away from their places of employment given the rise of remote work.
Such racial inequities are likely to grow in 2022 if interest rates continue their expected upward climb, even as the labor market has driven wages higher for many workers, said Wei, the economist.
“When you see interest rates rising — and mortgage payments rising faster than income — that means affordability overall should decline in 2022,” Wei said. “The housing affordability gap between ethnic groups … could widen.” California’s Black and Latino families earned median incomes less than those of the state’s white and Asian families. And higher housing prices would likely make it harder for Black and Latino families to save for down payments, Wei said., spurring demand for single-family homes as families sought more space and were able to move further away from their places of employment given the rise of remote work.
The nonprofit is itself a property manager, advocate and urban developer currently working on a West Oakland project of nine, single-family homes with accessory dwelling units, she said.
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