Taking a Close Look at Diversity and Housing
February is Black History month. In honor of that distinction, this month we're considering the wealth disparity between black and white households.
Wealth is unequally distributed across the United States. Black households have a fraction of the wealth of white households, leaving them in a much more precarious financial situation. Wealth provides families the means to invest in their and their children’s education, to start a business, relocate for new and better opportunities, buy a house, and have greater participation in the democratic process. Homeownership is the primary driver of household wealth in the United States.
In 2019, the median wealth (without defined-benefit pensions) of Black households in the United States was $24,100, compared with $189,100 for white households. Therefore, the typical Black household had 12.7 percent of the wealth of the typical white household, and they owned $165,000 less in wealth (https://www.americanprogress.org/article/eliminating-black-white-wealth-gap-generational-challenge/).
Black households continue to face housing market discrimination, which makes it harder for them to own a home in the first place.
How can we collaborate to impact the disparity in homeownership rates by race?
What organizations are effecting positive change in this area, currently?
How can we support and promote their efforts?
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