This New York Times article The Stark Racial Inequity of Personal Finances in America brings home the relationship between economic inequity and racial inequity. The Network’s priority regarding progressive tax reform reflects this commitment to a comprehensive approach to ending racial inequity in homelessness. On housing, the article reports:
The widest homeownership gap in 50 years
The home is the largest asset for many American families, which may help build wealth over time. Paying down a mortgage often serves as a forced savings plan, enabling families to build equity that they can tap in retirement or leave to their heirs.
Black families have long been behind their white peers in homeownership, but that gap is the largest it has been in a half-century, according to the Urban Institute.
In 2018, about 72 percent of white households owned homes, compared with nearly 41.7 percent of blacks, 47.5 percent of Hispanics and 59.5 percent of Asians, according to the institute, using the 2018 American Community Survey. In 1960, nearly 65 percent of whites owned homes, compared with 38.1 percent of blacks, 45.2 percent of Hispanics and 42.8 percent of Asians, according to an analysis of census data.
“The gap in the homeownership rate between black and white families in the U.S. is bigger today than it was when it was legal to refuse to sell someone a home because of the color of their skin…”—Urban Institute