April 23, 2018

Study: Blacks Being Sidelined in Housing Market

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Study: Blacks Being Sidelined in Housing Market

African-Americans are less likely to apply for a mortgage and 2.4 times more likely to be denied than whites, according to a recent joint study conducted by the National Urban League and Zillow.

One in four African-Americans are denied a conventional loan compared to one in 10 whites, the study found. African-Americans also have a lower rate of home ownership than other ethnic groups: 46.5 percent of African-Americans are home owners compared to 50.9 percent of Hispanics, 60.9 percent of Asians, and 73.9 percent of whites, the study showed.

African-Americans were more effected during the housing crisis, as neighborhoods with high minority populations saw greater depreciation in home values. Since the housing bubble burst, black neighborhoods have seen home values drop 23.2 percent compared to 13.4 percent for whites and 0.6 percent for Asians. Hispanics, however, have lost the most — 32.6 percent, the study showed.

Source: “African-Americans Squeezed Out of Housing Market,” CNNMoney (Jan. 27, 2014)

Read more:

NAR’s Diversity and Fair Housing Resources