Personnel File - No 259 - Banker & Tradesman bankerandtradesman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bankerandtradesman.com Daily Mail and Mail on Sunday newspapers.
May 12, 2021 2:59 pm
On average, Black households have about 23 percent of the wealth of a typical white household, down from 34.6 percent before the Great Recession, according to a new analysis by Zillow, an online real estate marketplace. Homeownership rates account for about 40 percent of that gap.
“Numerous studies demonstrate that there’s a wealth gap between households of people of color and white households,” said Maureen Flynn, deputy director of Boston Home Center, a city government agency. “The main difference between these groups is homeownership because that’s where most people accumulate their wealth.”
Homeownership and wealth are intricately tied together, said Flynn, which is why one of Acting Mayor Janey’s biggest priorities is to increase homeownership rates in the city.
Jon Gorey - Globe Correspondent January 27, 2021 4:00 pm
With median home prices in Boston climbing for eight straight years, it’s hard enough for any buyer to purchase a home in the city. But for home buyers of color and new immigrants, it’s even more daunting.
Racist redlining practices of the 20th century shut out Black families from much of the housing market for decades, denying them the chance at building housing wealth that can compound over the generations. Meanwhile, discrimination reportedly persists in the mortgage industry, where Black applicants are more likely to be denied a loan or charged a higher interest rate, and some appraisers undervalue Black-owned homes.