HOMEOWNERSHIP AND HEALTHY LIVING GAPS ONCE IDENTIFIED BY ANECDOTAL EVIDENCE PROVEN THROUGH FINE-GRADE DATA
The Virginia Mercury, an independent, nonprofit online news organization, covered the generational negatives impacts that African American families are subject to because of inequity in lending.
The Mercury reported: “Because homeownership is central to creating
wealth, the racial disparities in homeownership represent `the bedrock of
wealth inequality in America and in Richmond,’ said Heather Mullins Crislip, then
president of HOME, which provides classes and counseling for prospective
homebuyers.”
The 2020 Mercury report shared painfully
unjust data-proven facts shared by Crislip, noting African Americans:
- Are far less likely than Whites to ever own a home.
- Buy their first home on average nine years later in life than Whites (and thus enjoy less appreciation in value).
- Are more likely to buy a home in a racially segregated area that won’t appreciate as much.
- Often pay more interest or other costs for their home loan.
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