A Black loan applicant in the U.S. is more than twice as likely to be denied a home mortgage than a white applicant, aggravating the homeownership gap between Black and white Americans, according to a new report.
An overhead view of two-story houses surrounded by fall foliage in Readington, N.J., Nov. 15, 2021.
The housing market remains persistently and disproportionately challenging for Black prospective homebuyers, the report’s writers say, although Black homeownership has been inching forward since the passage of the 1968 Fair Housing Act, which made it illegal to discriminate based on race or religion in all aspects of home sales and rentals. The full report will be released Wednesday.Nearly 45% of Black households own their homes, compared with more than 74% of white households.
This year, for the first time, the report also includes a section on climate change, noting decades of lopsided federal policies against Black homeowners that are now translating into environmental racism and an elevated risk of natural disasters in Black communities. In 2021, among Black mortgage applicants, the largest segment — 42% — were women applying with no co-applicant. Black males applying alone made up 34%, and Black male-female co-applicants comprised 20%. Among white applicants, gender composition of the applicant pool was flipped: The largest group was male-female co-applicants, who made up 40%, followed by single men, who made up 34%. Single women represented only 22% of white applicants.
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