The U.S. Census Bureau

released its 1st quarter 2021

homeownership rates which

listed the Black homeownership

rate at 45.1. In comparison, the

non-Hispanic White homeowner

rate was 73.8%, representing

almost a 30% gap. Black home

ownership rate in America is

consistently the lowest of any racial

or ethnic group in America and it

continues to drive the wealth gap,

since for most Americans, their

home is the value of their home is

the biggest contributor to their net

wealth. So, if we are ever going

to make a dent in the Black/White

wealth gap, it’s going to have to start

with homeownership.

African Americans of all incomes

are much less likely to have grown

up in a home owning family,

and have deep experiences with

financial challenges that shape their

current practices.

there are several ways to

increase Black homeownership.

They include but are by no means

limited to: destroying myths about

homebuying, such as high down

payments and perfect credit scores

are required to buy a home.

Addressing the debilitating impact

of rising student loan burdens,

working with lenders to earn back

the trust of the Black community

and by educating potential buyers

about the process

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