Homeownership is a proud moment Americans typically dream of since they were little thinking about own property with a white picket fence.
According to reports, a typical Black family has less than one-tenth of the household wealth of their white counterparts.
The racial wealth gap is clear as day, too, in the housing market. Clever reported lenders state that borrowers carry more risk if they have less money, which means Black families are more likely to be denied mortgages. White Americans are 75.4% more likely — or 1.7 times greater — to own a home than Black Americans (44.1%), according to the story.
Clever notes that the racial wealth imbalance is impacting all Americans, though, not just Blacks. It states that fixing the racial wealth gap would add $1 trillion to $1.5 trillion to the U.S. economy by 2028.
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