Black and Latinx homeowners are finally getting a lift from one of the nation’s largest banks in the revived real estate market. Bank of America’s
The breakdown you need to know:
Black home ownership currently stands at just 45%, compared to white home ownership at 72%. CultureBanx reported that black and Hispanic households are not benefiting from the real estate gains felt by other demographics because house prices are soaring that families of color from their own neighborhoods are overpriced. This is why the Community Affordable Loan Solution can be a game changer as no minimum credit score or mortgage insurance is required and home buyer eligibility is based on income and location.
A recent report from LendingTree
Living Wealth reinvented:
African Americans are left out of wealth-building through generations as they face rising rents and housing prices, disproportionate student loan debt, economic inequality from the coronavirus, and marry later on average, slowing home ownership and wealth-building capabilities. According to a 2018 survey by financial services firm Legal & General, they found that 43% of people under the age of 35 received help from parents or relatives when buying a home, which is not always an option for prospective black and Hispanic people. American homeowners.
Not all US banks are switching to home ownership. In particular Wells Fargo
Unfortunately, homes in black communities are worth less than 50% of homes in white communities, perpetuating the inequality that prevents people of color from building stable economic security. All of this is the result of federal and state policies that continually prevent access to financial resources that could help, leaving black/Latin households less economic opportunities to fall back on when a crisis hits.