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But they could with a $1.7 trillion to $2.4 trillion affordable housing plan over two decades, McKinsey says. Housing inequality: Black homeowners won’t catch up at this rate for over 300 years.
In Wyoming, for example, Evangelou noted the median income of Black homeowners was below $60,000 in 2021 while the median value of homes these folks owned stood at $360,000. However, Black ...
The past two years have been particularly difficult, but even before 2021, Black homeownership was either falling or stagnant and remains far from its pre-2004 high of nearly 50%.
One such government program is the Section 8 Housing Choice Voucher Program, which the U.S. Department of Housing and Urban Development (HUD) uses to provide rental assistance vouchers to eligible low-income households. The program offers financial aid to households with an annual gross income not surpassing 50% of HUD's median income criteria ...
It peaked in 2005 when well over two-thirds of American housing units were ... The number of U. S. households increased by just 10.1 million from 2010 to ... For Hispanic and Black homeowners, the ...
[1] The term “source of income discrimination” is used by housing advocates [2] to describe a phenomenon that is legal nationwide in the United States but is increasingly being banned on the state [3] and city level. [4] [5] Participation in the Section 8 Housing Voucher Program is largely voluntary for landlords. [6]
That kept many from taking advantage of historically low rates in the first year of the pandemic. For instance, Black homeowners received only 3.7% of the $5.3 billion in savings from pandemic ...
Ibarra and Rodriguez state that home equity is 61% of the net worth of Hispanic homeowners, 38.5% of the net worth of White homeowners, and 63% of the net worth of African-American homeowners. [29] Conley remarks that differences in rates of home ownership and housing value accrual may lead to lower net worth in the parental generation, which ...