As the movement to understand and address income inequality gains momentum, policymakers, practitioners and funders face the challenge of confronting growing wealth gaps by race and ethnicity. Historically, homeownership has been a strategy to reduce the racial wealth gap. However recent data shows that all homeownership is not created equally. Studies have shown that minorities, particularly African Americans, have not built as much wealth from homeownership when compared with other racial groups.
These resources, including the webinar and partner research, evaluate how net worth was affected among low and moderate income households, particularly after the housing crash of the mid-2000s. They also address the reasons for the disparity in wealth related to minority homeownership and the appropriate policy and program solutions required to set up these future minority home buyers up for success.
Additional resources include the website for J.P. Morgan Chase & Co., as well as a second report from the Urban Institute, which takes a secondary look at housing finance and obtaining mortgages. Review these resources to learn about promising strategies that can promote sustainable homeownership for people of color.