Inequities In Home Ownership Drive Up the Racial Wealth Gap
REX CEO Jack Ryan's opinion editorial in RealClearMarkets discussing the barriers traditional real estate has created for underserved communities
As millions have come to understand, homeownership is one of the best ways to build wealth and secure a nest egg. Home equity makes up over one-third of household wealth—more than any other asset class. And yet, disparities remain with retirement-age black families holding less than half the housing wealth as white families.
Much of this inequity is rooted in decades-old “redlining” policies that denied minority families access to housing loans and insurance. This widespread practice systematically deemed applicants from certain communities unworthy of credit—frequently neighborhoods that had high minority populations. At the same time, real estate agents often refused to show homes to qualified minority families.
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