By Charlene Crowell –
CFPB and National Association of Realtors cite drawbacks; White House plan proposes solutions for an estimated 3.5 million first-time buyers.
The approaching spring season signals not only a change in weather, but an annual surge in home buying. Underscoring this long-standing trend is the annual April observance of Fair Housing Month.
Enacted in 1968, the Fair Housing Act banned discrimination on the basis of race, religion, and national origin in the sale or rental of housing by banks, insurers and real estate agents.
But fair housing for whom? While home ownership has been the primary means for most American families to build and pass on intergenerational wealth, Blacks rank last in their ability to achieve the wealth-building benefits of buying a home.
According to the National Association of Realtors’ 2024 Snapshot of Race and Home Buying in America report, disparity between Black home-ownership rates and those of other racial and ethnic groups has actually grown larger since 2012. Only 44.1% of Blacks owned homes compared to majorities of Asian-Americans (63.3%), and Latinos (51.1%).
“The connection between home-ownership rates and net worth is a critical one. Net worth, or the total assets minus household liabilities, is an essential indicator of financial stability and economic well-being,” states the report.
After more than 50 years of federal laws—envisioned and enacted in hopes of helping Black America reduce lingering wealth disparities—NAR lists a litany of familiar reasons for home-ownership disparities that read like a set of falling dominoes:
Median household income disparities between whites and Blacks continued to grow over the past decade. In 2012, the income gap between these two groups was $21,540. In 2022, the gap grew to $27,840.
This gap in income is a determining factor in home affordability. In 45 of the nation’s 50 states, according to NAR, Black renters…
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