The Black homeownership rate continues to decline at a much higher rate than other races. According to the latest U.S. Census Bureau’s report, it sits around 42.9%, which is said to be about the same as where it was 50 years ago, when the Fair Housing Act of 1968 was passed.
“Historically, minority households have had less wealth than white, non-Hispanic households,” says Frank Nothaft, CoreLogic’s chief economist. “This has been related to past instances of racial discrimination and to immigrants who have come to the U.S. Immigrants have generally had less wealth than the native population. Less wealth means less resources to make a down payment and cover closing costs, and less financial assistance that parents can give to homebuyer-aged children.”
Alanna McCargo, Vice President of Housing Finance Policy at the Urban Institute joined journalist, Roland Martin on Roland Martin Unfiltered to discuss the wealth gap in the urban community, lasting impact of the home foreclosure crisis, and what African Americans can do to reverse the troubling homeownership trend.
In order to change the Black Homeownership rate, African Americans have to get motivated, change their mindset, and understand homeownership is possible for everyone. Working with a knowledgeable real estate team can guide you on the right path to available opportunities, and help you prepare yourself to become qualified to buy.