If rental property is not your thing, the dream of homeownership is elusive for millions of Americans, but it’s something else in New Orleans, Louisiana.
According to LendingTree, the New Orleans is in the top five cities when it comes to the number of black Americans being denied the purchase of a song.
What Is The Mortgage Denial Rate For Black People In New Orleans?
The report from LendingTree states that the denial rate for Black homebuyers across the 50 largest U.S. metros is an average of 5.30 percentage points higher than that of other mortgage borrowers.
In New Orleans as well as Detroit and Miami, the average denial rate for Black borrowers is 20.70% — more than double the average denial rate of 10.19% across Salt Lake City, Kansas City and Minneapolis.
Though denial rates for Black borrowers can vary across the nation’s 50 largest metros, they’re higher than 10.00% in all but one — Salt Lake City, with a denial rate of 9.24%.
LendingTree analyzed housing data to find the largest spread between mortgage denial rates for Black borrowers and the overall borrower population.
Here are the cities where mortgage denial is the highest among black Americans:
- Buffalo, NY
- Raleigh, NC
- Boston, MA
- San Francisco, CA
- New Orleans, LA
Can I Afford A Home In New Orleans?
Determining whether you can afford a home in New Orleans depends on various factors, including your financial situation, income, credit score, down payment amount, and the current real estate market in the area. Here are some steps to help you assess your ability to afford a home in New Orleans.
Get Pre-Approved for a Mortgage: Contact a mortgage lender to get pre-approved for a mortgage. This will give you a clear idea of how much you can borrow and the interest rate you qualify for based on your financial situation.
