Black Americans, Share Your Stories About Today's Housing Market
The most crucial part of building generational wealth in America is land ownership.
Unfortunately, for most of America's history, Black people have had to jump through endless hoops and hurdles just to get a piece of land.
According to Statista, homeownership among Black Americans is the lowest of any race, sitting at 45%. Meanwhile, the US average is 68%, and non-Latino white Americans are at 74%.
Historically, practices like redlining have hindered the ability of Black Americans to purchase homes.
According to NPR, "The Federal Housing Administration, which was established in 1934, furthered the segregation efforts by refusing to insure mortgages in and near African American neighborhoods — a policy known as 'redlining.' At the same time, the FHA was subsidizing builders who were mass-producing entire subdivisions for whites — with the requirement that none of the homes be sold to African Americans."
Other practices, like predatory lending, are still common today.
Investopedia states, "Lending practices have gradually become more equitable in the US. But more equitable is not equal. The residual effects of redlining — and the ongoing discrimination against people of color today — continue to perpetuate the country's racial wealth divide. Three-quarters of neighborhoods redlined in the 1930s continue to struggle economically today and are much more likely than other communities to be home to lower-income, racial, and ethnic minority residents. They are also more likely to be the target of subprime and predatory lenders."
Because of these challenges, it's more likely for Black Americans to rent. But even renting a home has its challenges.
If you're a Black American, and you have a story to tell about your home buying or renting experience, we want to hear about it!
Please share your story using this Google form or in the comments section below, and you could be featured in a BuzzFeed Community post.
