{"id":199351,"date":"2021-03-11T08:03:00","date_gmt":"2021-03-11T05:03:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/most-black-americans-arent-homeowners-how-can-we-change-that\/"},"modified":"2021-03-11T08:03:00","modified_gmt":"2021-03-11T05:03:00","slug":"most-black-americans-arent-homeowners-how-can-we-change-that","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/most-black-americans-arent-homeowners-how-can-we-change-that\/","title":{"rendered":"#\n  Most Black Americans aren\u2019t homeowners \u2014 how can we change that?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ccb4a79582\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ccb4a79582\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/most-black-americans-arent-homeowners-how-can-we-change-that\/#In_recent_years_the_Black_homeownership_rate_fell_to_the_lowest_level_since_the_1960s_Researchers_say_they_have_a_plan_for_reversing_that_trend\" >In recent years, the Black homeownership rate fell to the lowest level since the 1960s. Researchers say they have a plan for reversing that trend.<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/most-black-americans-arent-homeowners-how-can-we-change-that\/#%E2%80%9CWhat_weve_been_dealing_with_really_since_the_1980s_is_a_regressive_economy_where_Blacks_never_saw_the_economic_rewards_that_people_were_hoping_would_go_with_a_post-segregation_society%E2%80%9D_said_Dedrick_Asante-Muhammad_chief_of_race_wealth_and_community_at_the_National_Community_Reinvestment_Coalition\" >&#8220;What we&#8217;ve been dealing with really since the 1980s is a regressive economy where Blacks never saw the economic rewards that people were hoping would go with a post-segregation society,&#8221; said Dedrick Asante-Muhammad, chief of race, wealth and community at the National Community Reinvestment Coalition.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/most-black-americans-arent-homeowners-how-can-we-change-that\/#%E2%80%9CThat_goal_of_increasing_Black_homeownership_actually_benefits_not_just_Black_homeowners_or_Black_Americans_but_broadly_the_entire_community_and_global_economy%E2%80%9D_said_Joshua_Devine_the_National_Community_Reinvestment_Coalitions_director_of_racial_economic_equality\" >&#8220;That goal of increasing Black homeownership actually benefits not just Black homeowners or Black Americans but broadly the entire community and global economy,&#8221; said Joshua Devine, the National Community Reinvestment Coalition&#8217;s director of racial economic equality.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/most-black-americans-arent-homeowners-how-can-we-change-that\/#Jacob_Passy\" >Jacob Passy<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Most Black Americans aren\u2019t homeowners \u2014 how can we change that?<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"In_recent_years_the_Black_homeownership_rate_fell_to_the_lowest_level_since_the_1960s_Researchers_say_they_have_a_plan_for_reversing_that_trend\"><\/span>\n  In recent years, the Black homeownership rate fell to the lowest level since the 1960s. Researchers say they have a plan for reversing that trend.<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000195317\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       <em><strong>The Value Gap\u00a0is a MarketWatch Q&amp;A <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> with business leaders, academics, policymakers and activists on how to reduce racial and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a>\u00a0inequalities.<\/strong><\/em><\/p>\n<p> There has never been a time in America\u2019s history where a majority of Black Americans were homeowners.<\/p>\n<p>In the second quarter of 2019, the Black homeownership rate <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.census.gov\/housing\/hvs\/files\/currenthvspress.pdf\" class=\"icon none\">dropped to 40.6%<\/a>, down seven percentage points from roughly a decade earlier. Since then, the homeownership rate among Black Americans has improved. Still, for more than 100 years, a racial homeownership gap ranging between 20% and 30% has existed between Black and white Americans.<\/p>\n<div class=\"paywall\">\n       And over the past year, matters have gotten worse for Black Americans. Research has shown that layoffs amid the COVID-19 pandemic were more likely to cause housing instability among Black and Latino workers than among white workers. People of color were far more likely than their white peers to face challenges making their monthly rent payments throughout the coronavirus emergency.<\/p>\n<p>Owning a home is one of the main drivers of wealth in this country, particularly across generations, which makes increasing Black homeownership a critical goal in addressing the overarching racial wealth gap. A <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=TSOLUrWXggkx5jCABsq1rRNjM66wbWqpPCc60wTubHef1pIdh-2B69mcgZ0Rovo6wiqJYBDUHby-2BF1TjqEgaQ7v7b-2FhVZIoyRXnDP8wvPxOwlgNDAczwa6nymW80CwktjiVWCw_25-2BrQILoVGJnsIOZw24aa-2Fi-2Ft0Hske43T4EkECsGTT-2FDwxYT3g-2B3y4rPorlHm6e9FefOz0oQXJAwvE72-2FgwacSP9xdo53wU2-2FsWoDpXdmSJqTlcev13Brn7wQDygF1c50te3pqCkvcaxyJdD10yV19hA4ZVk2uRSncNkC1niQatzPPN1v3KPxS0LiDDT31pQ9wSLXQ0XUpKeEDfbpGz2vkelCNaenPuz3Ukct47b-2FtLxfUHpE21Hx8t-2BnYQIJTcbjlJp-2B5e7h-2BtrG3Q2YZLpQlW-2BdKnAmRH6eykpTLoZ7dJVwLTaTrtB47D2kxyRDtQJhKi3r9da9Lg8VgRq9xHakMQuZEA9EIUIPT3bVTWVoR8jGBM08YWmUWbhW9Nl-2FcJfQhhofXO9WsMd6oRvfsZUeg-3D-3D\" class=\"icon none\">new report from the National Community Reinvestment Coalition<\/a> calls for setting a goal of 60% Black homeownership over the next 20 years.<\/p>\n<p>As part of MarketWatch\u2019s Value Gap series, MarketWatch spoke with Dedrick Asante-Muhammad, chief of race, wealth and community at the National Community Reinvestment Coalition, and Joshua Devine, the organization\u2019s director of racial economic equality, to gain insight on what factors have contributed to the lower rates of homeownership among Black Americans and what policies could address them. The interview has been edited for length and clarity.<\/p>\n<p><strong>MarketWatch: <\/strong>How did you all come up with the 60% target for Black homeownership? Why that number?<\/p>\n<p><strong>Asante-Muhammad: <\/strong>African-Americans really haven\u2019t hit a 50% homeownership rate. So we wanted to have a goal that would not just get us over the edge of being majority homeowners, but would kind of get you to a level where you\u2019re firmly at the space of being majority homeowners. <\/p>\n<p>White homeownership is at 73% to 74%, so it\u2019s not even trying to get to where whites are. Even to get to something that\u2019s far distant from white homeownership rates requires a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>ling of new Black homeowners every year for 20 years.<\/p>\n<p><strong>Devine: <\/strong>We felt like 60% was measurable, reasonable, and we could really have some policy and pragmatic solutions around it.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p><strong>MarketWatch: <\/strong>To what extent is the pandemic making homeownership that much harder to achieve for Black Americans?<\/p>\n<p><strong><strong>Devine<\/strong>: <\/strong>There are already a number of Black Americans who are not financially stable, and there are reports that suggest that many of them didn\u2019t even have enough savings or financial safety net to weather an economic disruption like COVID. So not only has the financial insecurity of Black Americans hindered their progress towards buying a home, now it\u2019s even worse.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span><br \/>\n        Oftentimes Blacks and Latinos hit the worst of a crisis after the crisis is supposedly over \u2014 we had the worst of the Great Recession a couple years after the Great Recession was already declared over.<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Dedrick Asante-Muhammad, chief of race, wealth and community at the National Community Reinvestment Coalition<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>       We\u2019re not just thinking about the impact that COVID has had on Black homeowners, or those seeking to buy homes. We will also have to understand that recovery has to center and respond to the decades of financial insecurity that Black Americans have faced pre-COVID, and you need to think about solutions to those issues.<\/p>\n<p> <strong><strong>Asante-Muhammad<\/strong>: <\/strong>We don\u2019t know the effects of what I\u2019ll call the COVID-recession yet \u2014 we\u2019re still trying to figure that out. But what\u2019s concerning is that we\u2019ve seen Black homeownership pretty much decreasing since 2000, and between 2015 and 2019, as the report notes, we have kind of been stagnant at around 42%. <\/p>\n<p>So the fact that we weren\u2019t on an up-crease before the COVID recession \u2014 we were just kind of treading water and keeping our heads above water at 42% before the COVID recession \u2014 has me concerned that we could go even farther back.<\/p>\n<p>We\u2019ll see what h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens over the next year or two. We\u2019re hoping we\u2019re getting past the worst of the COVID crisis. We think it\u2019s pretty clear it\u2019s disproportionately hurting Black entrepreneurs and that could have a serious effect on homeownership. <\/p>\n<p>Oftentimes Blacks and Latinos hit the worst of a crisis after the crisis is supposedly over \u2014 we had the worst of the Great Recession a couple years after the Great Recession was already declared over. I think that could also be true with the COVID recession. We might by July say it was over, but the Blacks and Latinos might be still dealing with the worst aspects of it in 2021, 2022 and 2023.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span><br \/>\n        It took radical transformation of mortgages and strong government subsidies to move whites into majority homeownership status in the \u201840s and \u201850s \u2014 we\u2019re going to need something like that again.<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Dedrick Asante-Muhammad<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>       <strong>MarketWatch: <\/strong>Even before the pandemic, Black homeownership was falling \u2014 and has been falling for over a decade, dropping to the lowest levels since the Civil Rights Act was signed. How significant is that?<\/p>\n<p> <strong>Asante-Muhammad: <\/strong>We are past having an outright legal Jim Crow society. But what you have to remember though is that, yes, there were a lot of barriers for Blacks to buy homes in white neighborhoods, but there weren\u2019t as many barriers for Blacks to buy homes in Black neighborhoods. And so if you had a strong economy, which you did in the 1960s, that would allow for some Black homeownership to be maintained. <\/p>\n<p>What we\u2019ve been dealing with since the 1980s is a regressive economy where Blacks never saw the economic rewards that people were hoping would go with a post-segregation society. So now we have a segregated society by wealth and by income, which is reinforcing what was the outright Jim Crow segregation of the past. Until there are substantial increases in wealth and income, it\u2019s going to be hard to see any changes in homeownership.<\/p>\n<p>Just like it took radical transformation of mortgages and strong government subsidies to move whites into majority homeownership status in the \u201840s and \u201850s \u2014 we\u2019re going to need something like that again. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:99.06250000000001%;\" data-mobile-ratio=\"99.06250000000001%\" data-layout-ratio=\"99.06250000000001%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-310203?width=140&amp;size=1.0094637223974763 140w,\nhttps:\/\/images.mktw.net\/im-310203?width=540&amp;size=1.0094637223974763 540w,\nhttps:\/\/images.mktw.net\/im-310203?width=620&amp;size=1.0094637223974763 620w,\nhttps:\/\/images.mktw.net\/im-310203?width=700&amp;size=1.0094637223974763 700w,\nhttps:\/\/images.mktw.net\/im-310203?width=860&amp;size=1.0094637223974763 860w,\nhttps:\/\/images.mktw.net\/im-310203?width=1260&amp;size=1.0094637223974763 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-310203?width=620&amp;size=1.0094637223974763\" data-enlarge=\"https:\/\/images.mktw.net\/im-310203?width=1260&amp;size=1.0094637223974763\" alt=\"\" title=\" &quot;What we've been dealing with really since the 1980s is a regressive economy where...\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"%E2%80%9CWhat_weve_been_dealing_with_really_since_the_1980s_is_a_regressive_economy_where_Blacks_never_saw_the_economic_rewards_that_people_were_hoping_would_go_with_a_post-segregation_society%E2%80%9D_said_Dedrick_Asante-Muhammad_chief_of_race_wealth_and_community_at_the_National_Community_Reinvestment_Coalition\"><\/span> &#8220;What we&#8217;ve been dealing with really since the 1980s is a regressive economy where Blacks never saw the economic rewards that people were hoping would go with a post-segregation society,&#8221; said Dedrick Asante-Muhammad, chief of race, wealth and community at the National Community Reinvestment Coalition.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Courtesy of the National Community Reinvestment Coalition<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       <strong>MarketWatch: <\/strong>It\u2019s not just become more difficult for Black Americans to become homeowners, but also for Black Americans to keep their homes. Why is that?<\/p>\n<p><strong><strong>Asante-Muhammad<\/strong>: <\/strong>We know Blacks don\u2019t have the same type of savings as whites have and as much wealth. So obviously when they fall into negative economic situations they have less to fall back upon, which can make them lose a home that much faster. And usually during economic crises Blacks are more likely to lose their job and lose it for longer periods of time.<\/p>\n<p>Because Blacks do have less income and less wealth, they have to buy homes at lower price points. There has been, over the last 20 years, less and less affordable homes. The homes that are being constructed are more and more high-cost homes, and so that must also be a ongoing barrier for Blacks, Latinos, for those who are moderate-income, low wealth to enter into this 21st century housing market.<\/p>\n<p><strong>MarketWatch: <\/strong>Do you see reparations playing a role in advancing Black homeownership?<\/p>\n<p><strong><strong>Asante-Muhammad<\/strong>: <\/strong>If we do want to address homeownership, we have to address the overall economic conditions of African-American people and bridge this income and wealth inequality. A targeted approach like reparations is something that probably will need to occur, meaning we can have some changes in different types of mortgages but if there aren\u2019t changes in the Black economy as a whole it\u2019s going to be hard to move things forward. <\/p>\n<p>Reparations can be a thousand different things, so maybe there would be some type of homeownership component where you could have a no-interest, 30-year loan with no down payment or you could make VA loans also open to all African-Americans. That could be a part of reparations.<\/p>\n<p><strong>Devine: <\/strong>When folks use the term reparations, it\u2019s really to denote the need to make bolder systemic interventions to support housing access or housing equity for Black Americans, but also for Black Americans to generate wealth. <\/p>\n<p>So, what we hope to do in this report is to really hold, for example, financial institutions and mortgage lenders accountable to how many loans they provide to Black Americans, to reconsider their products, to be more accessible to Black Americans. Or for communities to think about their tax system or their flow of money and how revenue, for example, can be used towards increasing homeownership rates for Black Americans. <\/p>\n<p>When you talk about the system of money there are a number of opportunities where communities and institutions can galvanize and redirect money to support a common goal. That goal of increasing Black homeownership actually benefits not just Black homeowners or Black Americans but broadly the entire community and global economy.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:100%;\" data-mobile-ratio=\"100%\" data-layout-ratio=\"100%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-310207?width=140&amp;size=1 140w,\nhttps:\/\/images.mktw.net\/im-310207?width=540&amp;size=1 540w,\nhttps:\/\/images.mktw.net\/im-310207?width=620&amp;size=1 620w,\nhttps:\/\/images.mktw.net\/im-310207?width=700&amp;size=1 700w,\nhttps:\/\/images.mktw.net\/im-310207?width=860&amp;size=1 860w,\nhttps:\/\/images.mktw.net\/im-310207?width=1260&amp;size=1 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-310207?width=620&amp;size=1\" data-enlarge=\"https:\/\/images.mktw.net\/im-310207?width=1260&amp;size=1\" alt=\"\" title=' \"That goal of increasing Black homeownership actually benefits not just Black homeowners or Black...'><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"%E2%80%9CThat_goal_of_increasing_Black_homeownership_actually_benefits_not_just_Black_homeowners_or_Black_Americans_but_broadly_the_entire_community_and_global_economy%E2%80%9D_said_Joshua_Devine_the_National_Community_Reinvestment_Coalitions_director_of_racial_economic_equality\"><\/span> &#8220;That goal of increasing Black homeownership actually benefits not just Black homeowners or Black Americans but broadly the entire community and global economy,&#8221; said Joshua Devine, the National Community Reinvestment Coalition&#8217;s director of racial economic equality.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Courtesy of the National Community Reinvestment Coalition<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       <strong>MarketWatch: <\/strong>In the report, you addressed the role that lending practices and getting access to mortgage credit should play in advancing Black homeownership. What steps do lenders and other financial institutions need to take?<\/p>\n<p><strong><strong>Asante-Muhammad<\/strong>:<\/strong> One thing again about the 60% number \u2014 and highlighting that we would need to triple the amount of new Black homeowners every year for 20 years in order to get to 60% Black homeownership \u2014 I\u2019m hoping that can be a signal to major lenders about the level of [increased lending] they need to do if they do want to make sure that African Americans are strongly majority homeowners. <\/p>\n<p>That means they\u2019re going to have to do much more to create affordable mortgage products for the middle. The median income for Black households is like $44,000. So, [these] mortgage products, they have to hit the majority of African Americans and Latinos.<\/p>\n<p><strong>Devine: <\/strong>There are some lenders who have already made some specific targets in terms of how many loan originations they want to make towards Black homeowners to increase the homeownership rate. What we hope to also do in our report is to think about this in a more geographic context. So, where do we feel like lending investments should be made across the country to serve this critical mass? Is that the Deep South? Is that the Atlanta market, for example? How can we get to 60% even quicker? That\u2019s something that we hope to figure out as we move along.<\/p>\n<p><strong><strong><strong>Asante-Muhammad<\/strong><\/strong>: <\/strong>You do need to look at where the Black population is growing and where the opportunities to hit that market are. Because in cities usually there\u2019s greater racial income inequality than outside of the city. And with that oftentimes housing can be more expensive, so that can be a challenge. <\/p>\n<p>But there are places like Baltimore and Detroit, places that have actually a lot of houses that need to be renovated or that can be very cheaply bought. But oftentimes there aren\u2019t really good lending products out there. I\u2019ve had bankers tell me they\u2019ve had a hard time finding a mortgage for a $70,000 property. If we\u2019re trying to do affordable homes, we have to \u2014 whether through government subsidy or mandate \u2014 ensure that there are these mortgages, and there are these renovations for homes where there are much tighter margins. And that\u2019ll make homeownership open up.<\/p>\n<p><strong>MarketWatch: <\/strong>Under the Trump administration, changes were made to fair-housing rules and regulations, which President Biden has said he will reverse. What role do you envision the federal government playing here?<\/p>\n<p><strong><strong><strong>Asante-Muhammad<\/strong><\/strong>: <\/strong>Trump was going the wrong direction. And Obama was going in the right direction radically too slow, because we weren\u2019t having a boom in homeownership during the Obama years.<\/p>\n<p>I look back more toward when there were strong increases in Black homeownership \u2014 and there were strong increases in Black homeownership in the \u201840s and \u201850s. We weren\u2019t bridging homeownership inequality. It was just whites were increasing at a similar rate. It was a time of massive government subsidies and creating affordable homes. It does point to the fact that if you want radical increases [in Black homeownership] it\u2019s going to require some type of strong government subsidies to do this. <\/p>\n<p>We\u2019re at a time where every three months we have another near $2 trillion bailout, so clearly there are funds available there. So how can we use these funds to actually do long term financial stability versus patchwork \u2014 which is really what the multi-trillion dollar bailouts of the last year have been. I think some type of mass investment in homeownership can really strengthen African Americans and neighborhoods in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> for decades to come.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Jacob Passy\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Jacob_Passy\"><\/span>Jacob Passy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D2FAF5F04C76%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Most Black Americans aren\u2019t homeowners \u2014 how can we change that? &#8221; In recent years, the Black homeownership rate fell to the lowest level since the 1960s. Researchers say they have a plan for reversing that trend. The Value Gap\u00a0is a MarketWatch Q&amp;A series with business leaders, academics, policymakers and activists on how to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":199352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-199351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/199351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=199351"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/199351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/199352"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=199351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=199351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=199351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}