INEQUITY REVEALED

HOMEOWNERSHIP AND HEALTHY LIVING GAPS ONCE IDENTIFIED BY ANECDOTAL EVIDENCE PROVEN THROUGH FINE-GRADE DATA

Starting in 2019, the federal government began sharing mortgage data used to measure how well applicants manage their debt and how much of the property’s overall value is being financed. Those are two of the biggest factors lenders use before making a home loan. 

The Markup used the data to show continuing inequity even a half century after The Fair Housing Act of 1968 made it illegal to deny someone housing based on race or other protected categories.

“We found 89 metropolitan areas, spanning every region of the country, where lenders were more likely to deny people of color conventional mortgages than White people with similar financial characteristics,” The Markup reported, when it analyzed local data along with national numbers. 

“Of the biggest metropolitan areas, Chicago, had one of the widest disparities: Black applicants there were 150 percent more likely to be denied than White applicants.”

Despite exhaustive reporting backed by independent expert data analysts, much of the lending industry has disputed The Markup’s findings.

INEQUITY REVEALED

HOMEOWNERSHIP AND HEALTHY LIVING GAPS ONCE IDENTIFIED BY ANECDOTAL EVIDENCE PROVEN THROUGH FINE-GRADE DATA

The Fair Housing Act of 1968 made it illegal to deny someone housing based on race or other protected categories. 

Despite the law, The Markup found, people of color continue to be denied mortgages at higher rates than their white counterparts.

“We found that nationwide, Black applicants are nearly twice as likely to be denied conventional mortgages as similarly qualified White applicants,” the report stated.

“Latino, Asian/Pacific Islander, and Native American applicants are also more likely to be denied mortgages at higher rates than White ones, even when they have the same financial characteristics.”

INEQUITY REVEALED

HOMEOWNERSHIP AND HEALTHY LIVING GAPS ONCE IDENTIFIED BY ANECDOTAL EVIDENCE PROVEN THROUGH FINE-GRADE DATA 

“All of those things add up over the course of a person’s lifetime and give us this massive wealth inequality,” Crislip, now Executive Director at The Richmond Forum, told the Mercury.

The Mercury underscored inequality by sharing U.S. Census Bureau stats that non-Hispanic White households had a median wealth of more than $139,000. 

“That compared with less than $13,000 for Black households and $20,000 for Hispanic households. 

A key factor, the report said, is that most non-Hispanic White households owned their homes,” the Mercury stated.

The Markup is a nonprofit newsroom of quantitative journalists that pursue meaningful, data-driven investigations.

In 2021, the team researched racial disparities in federal mortgage data.

INEQUITY REVEALED

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.

INEQUITY REVEALED

HOMEOWNERSHIP AND HEALTHY LIVING GAPS ONCE IDENTIFIED BY ANECDOTAL EVIDENCE PROVEN THROUGH FINE-GRADE DATA

“We have to put density in our city because of the light rail station. Around the station, along the freeway that the rail line will hug – we have to make it all multifamily,” said Kyoko Matsumoto Wright, a REALTOR with Coldwell Banker Bain and mayor of Mountlake Terrace, reminding that density does not equal skyscraper height.

“I’d love to allow all single family to allow duplexes and ADUs (Accessory Dwelling Units) at least. 

The issue is the older people, who have been here 40-50 years, they like the bedroom community. 

They vote. 

The younger, newer people who support a diverse housing inventory, they don’t (vote).”

TRAFFIC SIGNS ARE THE ENEMY OF PEDESTRIANS

THEY BLOCK THE WHEELCHAIR-ACCESSIBLE PATHWAY

The road is not closed.

But the public works department that left the sign there effectively blocked two curb ramps in one swipe.

This is NOT the way to welcome people with disabilities or any pedestrians to your city.

The location? A little out of the way, never traversed world famous Main Street known as Duvall Street on the heart of walkable Key West.

Signs like this often linger for months after construction, making a blockade to inclusive access. 

Please share so your city, county and state DOTs learn from this.

INEQUITY REVEALED

HOMEOWNERSHIP AND HEALTHY LIVING GAPS ONCE IDENTIFIED BY ANECDOTAL EVIDENCE PROVEN THROUGH FINE-GRADE DATA

“I’m going to be the voice telling cities you’re going to have to rezone this and add density.  

Cities are fighting a lot of this stuff, but otherwise, nothing will be available to the majority of families,” said Kyoko Matsumoto Wright, a REALTOR with Coldwell Banker Bain and mayor of Mountlake Terrace. 

“I’d love to get rid of single-family housing (zoning), but I also know that politically, that is difficult.”

 

Mountlake Terrace is getting a light rail station and while that is raising prices, it also can create opportunity, in the vision of Matsumoto Wright – who serves or has served on local, regional and statewide affordable housing boards.