By Keyanna Harper
- A $1.7T affordable housing plan could shrink the Black-White homeownership gap in 20 years
- Over 50% of Black residents in megacities face excessive rent burdens
While Black individuals constitute an average of 14% of the population in the nation’s largest 50 cities, their homeownership rate stands at 10.15% in these areas. This roughly translates to heavy rental burdens for more than half of the Black residents. Black Americans homeownership has been on a declining trajectory compared to their White counterparts. This gap is so wide it could take centuries to close; in fact, 320 years is presumed.
Why This Matters: The road, to achieving fairness in owning a home has been quite a journey. According to data from Lending Tree, Black Americans are lagging behind in the pursuit of homeownership. Data shows that Black Americans have a homeownership rate of 45% which is notably lower than White non Hispanic Americans at 74.4%. This ongoing disparity highlights the obstacles that Black individuals encounter in realizing their homeownership aspirations. It has been a longstanding issue deeply rooted in historical injustices, systemic racism, and economic disparities and highlights the pressing need for interventions.
Yet, hope glimmers on the horizon with the proposal of a transformative $1.7T affordable housing plan poised to reshape the landscape of American homeownership. This Black Economic Mobility plan focuses on improving housing affordability and accessibility and empower Black Americans. Targeted investment in underserved communities is a step in the right direction to dismantle systemic racism and overcome barriers to homeownership.
Situational Awareness: The disparity in homeownership rates among groups transcends concerns; it reflects broader systemic issues. For communities, owning a home is crucial for building wealth and achieving stability. By bridging this divide we have the potential to disrupt the cycle of poverty, pave way for generations and empower communities nationwide. The fair housing act represents a stride in the right direction. It seeks to rectify injustices and lay the groundwork for an equitable tomorrow by outlining steps to narrow the gap in homeownership.
CBX Vibe: “Power” Rapsody, Kendrick Lamar, Lance Skiiwalker
