15 Cities With the Most Minority-Owned Startups
Despite barriers, minority business owners are making a mark on these cities.
This story originally appeared on Self.
In addition to being a critical driver of growth in the economy overall, entrepreneurship is one of the many ways that individuals can build wealth in America. But as 2020 illustrated, opportunities to participate and succeed in the entrepreneurial economy are not equally distributed by race and ethnicity.
Last year, a wave of racial justice protests nationwide and the economic repercussions of the COVID-19 pandemic drew more attention to the struggles that minority communities face in building and sustaining wealth. According to a McKinsey analysis, two of the primary challenges facing minority business owners are structural barriers to financial health and disproportionate representation in industries most susceptible to economic shocks like those presented by COVID-19.
Moving Home Could Help Renters Save for a Down Payment in Less than Two Years
Realtor.com® analysis shows home ownership may be within reach for young people able to channel would-be rent into savings Based on U.S. median one-bedroom rent, it would take 11 months to save for a 5% down payment for the median priced home in the U.S. Eleven months of rent savings is enough to accumulate a 5% down payment for a $327,000 home in Chicago It takes the longest nearly 22 months of rent savings to save for a 5% down payment for a median priced home in Los Angeles
Home Values Break New Growth Records as Demand Surge Presses On
Mortgage rates hit an all-time low of 2.63% in December, pushing buyers dollars further in competitive market
- Home values in December rose 3.2% over the previous quarter, the largest increase since at least 1996
- Newly pending sales were up 21.7% in December compared to a year ago
- Rents are ticking up from annual lows and remain slightly ahead of last year
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SEATTLE, Jan. 22, 2021 /PRNewswire/ Home value growth continued its meteoric rise in December as towering demand for homes carried on into winter, according to
Greater Seattle Partners (GSP) today announced that the Seattle metro area economy has become the 10th largest regional economy in the country, surpassing the
Recently finalized stimulus package will help, but rent burdens continue to exceed affordability threshold
- Zillow estimates more than 3 million renters who were employed last March remained unemployed as of November, largely due to widespread layoffs in high-contact industries like hospitality and restaurants.
- Unemployed U.S. renters will typically spend 43% of unemployment insurance income on rent because of $300 weekly payments in the newly passed stimulus package, down from 81.2% with only state unemployment insurance.
- While still well above the 30% threshold for being considered rent burdened, the extra payments may help some of the millions of renters behind on their rent reduce the debt owed to their landlords before temporary eviction moratoriums expire.