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Mon Jun 29, 2020, 07:21 PM

Race matters: Gap between Black and white homeownership is vast, new report finds

The gap in racial equity that persists in many facets of American life impacts home ownership as well.

Among Black families, 44% owned their own home as of the first quarter of this year compared to 73.7% of white families, according to the U.S. Census. And that disparity is even greater depending on the city, according to an analysis of census data by the national real estate brokerage Redfin.

Homeownership is critical to the accumulation of wealth and a factor in the stark difference between the net worth of white families, which was $171,000 in 2016, versus Black families who had a net worth of $17,150 according to Brookings.

While a house itself can be the inheritance passed on to the next generation, a family can tap a property's equity to fund a child's college education, start a business or give a child or grandchild the down payment to buy a home of their own.


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