BankThink – Congress must act to close the racial homeownership gap

Americaʼs public and private sectors are committing to a more equitable society, one with opportunities for wealth and success regardless of race or ethnicity. To make racial equity a reality, government, corporate and civic leaders must address the wealth gap that diminishes the aspirations, hopes and dreams of families and individuals. The need for federal Continue Reading

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Black homeownership’s stall during COVID-19 pandemic the ‘epidemic after the epidemic’

Even as mortgage interest rates hit record lows, fueling home-buying, Black Americans lost ground on homeownership, the gap between Black and white owners growing. Eboni Taylor searches online for a home every day. Taylor, 35, and her husband Andarius have been trying to buy a house in Detroit for a year. But student loan debt, Continue Reading

What Gentrification Means for Black Homeowners

In historically Black neighborhoods, owners selling their homes on the open market have to grapple with the fact that accepting the highest bid could mean another step toward Black displacement. Nostalgia isn’t enough to keep Thomas Holley, 74, in the Crown Heights brownstone he has lived in for more than 58 years. He got married Continue Reading

Study: Homes in Black neighborhoods losing equity at faster pace than white homes gain value in St. Louis

The study comes from St. Louis-based Clever Real Estate and looked at thousands of ZIP codes across the country SAINT LOUIS, Mo. — Michael Woods grew up in Hyde Park in St. Louis, and though he’s spent the last few years trying to make a change for the better, he knows change takes time. “These Continue Reading

America Reckons with Racial Injustice

Black Americans And The Racist Architecture Of Homeownership Last summer, DonnaLee Norrington had a dream about owning a home. Not the figurative kind, but a literal dream, as she slept in the rental studio apartment in South Los Angeles that she was sharing with a friend. At around 2 a.m., Norrington remembers, “God said to Continue Reading

Black millennials lag other groups in building wealth, Fed study finds

Older Black millennials are less wealthy than their baby boomer parents at that comparable age and are also falling well behind their White and Hispanic millennial peers in building net worth, a recent study shows. Economists at the Federal Reserve Bank of St. Louis examined how much wealth Black, Hispanic and White millennial families amassed between 2007 Continue Reading

Four Black men developed a Montgomery County suburb to provide a better life for some in their community. They received something very different in return.

In 1906, four African American men attempted to develop an elite suburb for African Americans along Wisconsin Avenue between Chevy Chase and Friendship Heights, Maryland. Despite facing intense hostility from adjacent white landowners, at least 28 people bought lots. However, their vision was ultimately undone using subtler methods, showing how nominally race-blind tools can serve Continue Reading

The Importance of Black Home Ownership in America

When I was in elementary school, my grandmother bought the house she would live in for the rest of her life. The first summer afterward, when we went to visit, she gave us a tour: a dresser exclusively for hats, an all-white living room that we were forbidden from entering, paper guest napkins that matched the green Continue Reading

Report: Up To $1.5 Trillion Could Be Added to U.S. Economy If Racial Wealth Gap In Housing Market Was Fixed

Homeownership for years has been an essential pillar for building wealth for most Americans. Yet a new report by Clever Real Estate discloses some eye-popping statistics on how racial disparities continue to linger in the nation’s housing market. As such, the discrepancies are hindering Black Americans’ capacity to increase their personal finances. America’s history of discrimination makes Continue Reading

Black homeowner had a white friend stand in for third appraisal. Her home value doubled

Carlette Duffy felt both vindicated and excited. Both relieved and angry. For months, she suspected she had been low-balled on two home appraisals because she’s Black. She decided to put that suspicion to the test and asked a white family friend to stand in for her during an appraisal. Her home’s value suddenly shot up. A lot. Continue Reading

ARE MILLENNIALS LEAVING CITIES? YES, BUT YOUNG ADULTS ARE NOT

Are millennials leaving cities? Yes, they are. In fact, even before the COVID-19 pandemic, millennials moving into their prime homebuying years were increasingly choosing homes in suburban locations. Are young adults leaving downtown? No, they are not. The number and share of young adults in urban neighborhoods have gradually increased in recent years. These seemingly Continue Reading

Households of Color Expected to Dominate Homeownership Rate Growth

Earlier this year the Urban Institute studied the changing state of homeownership in the U.S., and DS News reported on a standout stat from said study—the soaring expected rate of homeownership among the Hispanic population. More recently, research associates Lauri Goodman and Jun Zhu reported that, while the overall number of new homeowners will increase Continue Reading

Black Americans And The Racist Architecture Of Homeownership

This story is part of an NPR series, We Hold These Truths, on American democracy. Last summer, DonnaLee Norrington had a dream about owning a home. Not the figurative kind, but a literal dream, as she slept in the rental studio apartment in South Los Angeles that she was sharing with a friend. At around Continue Reading

How COVID-19 magnified the ‘extreme disparities’ in housing between Black, white residents

  The coronavirus pandemic has underscored housing disparities between Black and white people in Louisville, with Black residents more likely to face financial hardships that put them behind on rent, according to a report from the Metropolitan Housing Coalition. The nonprofit agency, made up of more than 300 members, released its latest State of Metropolitan Housing Report on Tuesday, breaking down Continue Reading

A new study shows anti-Black racism is costing American homeowners hundreds of thousands of dollars

Anti-Black racism in the housing market is hurting homeowners across the US. Real estate company Clever collected data on home values across the US, looking at patterns across predominantly Black and white neighborhoods. The data shows that homes in majority Black neighborhoods are being massively undervalued, which has ripple effects across the larger US economy. Continue Reading

ARE MILLENNIALS SO DIFFERENT FROM THE GENERATIONS BEFORE THEM?

With all the buzz surrounding millennials and their choices, it is tough to separate myth from reality. Often, myths have been promoted without careful consideration of the difference between age and generation. Some have compared millennials to baby boomers, although they are in different stages of life. Others assume that the struggles of millennials during Continue Reading

In a hyper-competitive market, how to find a real estate agent who won’t let you down

In this competitive housing market it’s more important than ever to work with a real estate agent who can advocate for your priorities and steer you toward the right properties. Competition among buyers means sales are moving quickly, and having a professional by your side who can help you make the best offer to beat Continue Reading

NAREB’s Lydia Pope Talks Fair Housing And The Fight For Equality

  On May 25, 2020, millions of Americans were stunned by a Facebook livestream showing George Floyd pleading for help as Minneapolis police officer Derek Chauvin kneeled on his neck for nearly nine minutes. The news of Floyd’s murder ignited protests in Minneapolis and cities around the world, as the Black community called for accountability Continue Reading

Why Black Neighborhoods Continue to Struggle

Twenty years ago, hundreds of Black neighborhoods in major cities were in good shape financially. Even before the pandemic, however, a majority had slipped into poverty. Cleveland had more than 900,000 residents in 1950, but by the year 2000 its population had fallen below 500,000. The city still had some areas of relative strength, however, Continue Reading