Homeownership Gap

In Community Resilience, Equity, Individual & Family Prosperity, Quality Housing by Liza

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WHY IS THIS IMPORTANT?
Home ownership is the primary source of wealth for most Americans. Both household income and wealth are significant in catalyzing the transition from renting to homeownership. For racial and ethnic minorities, wealth is an even more important predictor of the transition to homeownership than it is for whites, and significantly higher levels of wealth are needed to achieve the same probability of homeownership as white households (all else being equal).[i] Despite a dramatic surge in the nation’s homeownership rates, academics and housing experts continue to document discriminatory lending practices in cities today. High homeownership rates result in greater neighborhood stability, which leads to increased access to employment networks, grocery stores, quality education, and other social and economic benefits.[ii]

Metadata
[i] David Williams and Chiquita Collins, “Racial Residential Segregation: A Fundamental Cause of Racial Disparities in Health,” Public Health Reports 116 (2001).
G. Galster, D. Marcotte, B. Marvin, M. Mandell, H. Wolman and N. Augustine, “The Impact of Parental Homeownership on Children’s Outcomes during Early Adulthood,” Housing Policy Debate 18, no. 4 (2007): 785-827.
[ii] G. Galster, D. Marcotte, B. Marvin, M. Mandell, H. Wolman and N. Augustine, “The Impact of Parental Homeownership on Children’s Outcomes during Early Adulthood,” Housing Policy Debate 18, no. 4 (2007): 785-827.