Regardless of some enchancment, low charges of homeownership amongst minority households is each a results of and a reason behind continued wealth inequality, which has solely grown worse over the previous a number of a long time. Now, spurred on by record-low mortgage charges and the will for extra space, the actual property market is booming in lots of cities throughout the nation. Nonetheless, the COVID-19 pandemic has had a disproportionate affect on lower-income households, and new research means that the pandemic is additional widening present housing disparities.
Largely as a result of increased homeownership charges, White households have a lot increased web price than Hispanic, Black, and different or a number of race households. Information from the Federal Reserve Board reveals that the median web price of White households was $188,200 in 2019, whereas the median web price of Hispanic and Black households was only a fraction of this, at $36,100 and $24,100, respectively. Minority households of different races had been higher off financially than Blacks or Hispanics, however nonetheless lagged behind White households by a large margin.