5 key facts that underscore the alarming crisis in black homeownership:
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The hard-won gains that black homeowners made after the Fair Housing Act was passed in 1968 have been virtually erased. This trend will affect the retirement outlook for black Americans and their ability to pass wealth to the next generation of black home buyers, according to a housing report by the “Unless this setback to black homeownership is addressed, black families will rent for more years before homeownership than they did a few years ago,” the report stated.
Black borrowers are also less likely to meet the traditional credit standards necessary to qualify for a mortgage. However, rental payments can now be reported to the three credit reporting agencies, Experian, Equifax and TransUnion. The newest credit scoring models use rental payment data when calculating credit scores, according to anUrban Institute report
Ralph McLaughlin, deputy chief economist at CoreLogic, a real estate and data analytics provider, said the fact that blacks typically have higher rental rates than whites also has dire implications for black homeownership. As a consequence, Fairweather said, “The growing racial homeownership gap has widened the wealth gap, as home equity remains one of the most significant wealth-building tools. And now, with higher home prices and tighter lending standards than before the housing crash of 2008, it's more difficult than ever for minorities to break into the housing market. That's likely to contribute to growing economic inequality in the U.S.
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