Americans have more debt, need family help to buy homes

WASHINGTON: Americans are waiting longer to buy their first homes, have more debt and more often need family help to make the purchase amid a supply crunch that is pushing up prices, according to a new data released on Friday. But African Americans and Hispanics continue to make up a very small share of homebuyers in the US, far below their share of the population, according to National Association of Realtors report. While low interest rates have made mortgages more accessible, and historically low unemployment means more Americans have a steady paycheck, the influx of buyers combined with a shortage of workers means homebuilders have not been able to keep up with demand. NAR has long highlighted the shortage of homes on the market but the report puts the implications of that problem in stark relief.