African-Americans, housing, real estate, home buying, mortgage, mortgage denial, homeownership, home value

Economy Now

Instant reaction and smart charts on economic trends.

African-Americans squeezed out of the housing market

January 27, 2014: 12:00 AM ET

More African-Americans are being squeezed out of the housing market.

Not only are they less likely to apply for a mortgage than any other ethnic group, but African-Americans are also 2.4 times more likely to get denied a mortgage than Whites, a recent study conducted by Zillow and the National Urban League found.

chart-home-ownership_denied-mortgage

As a result, far fewer African-Americans have achieved the American dream of homeownership.

chart-home-ownership_own-home

And those who own homes were hit hard by the housing bust and are recovering at a much slower pace.

chart-home-ownership_lost-value

The losses have had a huge impact on wealth, according to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development (HUD). "African-Americans and Hispanics have had a higher share of their wealth tied up in their homes than Whites," he said.

Join the Conversation
Powered by WordPress.com VIP.
Follow

Get every new post delivered to your Inbox.

Join 83 other followers