Among Black families, 44% owned their own home as of the first quarter of this year compared to 73.7% of white families, according to the U.S. Census.
The gap in racial equity that persists in many facets of American life impacts home ownership as well.
"The mechanism of wealth funnels across all of those different areas,'' says Taylor Marr, Redfin's lead economist. Only a quarter of Black families in that city own their home, the lowest rate in the nation among metro areas with more than 1 million people according to census data from 2018, the most recent year available. Meanwhile, 76% of white families in Minneapolis own their residences. That is the widest gap between Black and white homeowning households in the U.S.
Redlining was a discriminatory practice that prevented Black homebuyers from getting mortgages, restricting them to certain neighborhoods where property values lagged due to bias and a lack of investment.
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