Summary
San Jose had the smallest differences between the share of homes owned by Black people and the share of the population that is Black.
A new data study by LendingTree (NASDAQ:TREE) on racial disparities in homeownership has determined Black people make up an average of about 15% of the population across the nation’s 50 largest metros, but they only own an average of 10.15% of homes.
In comparison, White people across the same area accounted for an average of 57.82% of the population, but they own an average of 69.01% of homes.
Among the major metros, San Jose had the smallest differences between the share of homes owned by Black people and the share of the population that is Black – 2.24% of the population identified as Black, while Black homeowners own 1.21% of owner-occupied housing units, a 1.03 percentage point difference. Other metros with smaller differences included Salt Lake City and Los Angeles at 1.14 and 1.40 percentage points, respectively. However, LendingTree noted the percentage point differences were not large because those areas are home to relatively small Black populations.
At the other end of the spectrum, Memphis had the biggest difference between the share of the population that is Black (47.33%) and the share of homes owned by Black people (35.97%) – a disparity of 11.36 percentage points. Other major metros with great disparities included New Orleans and Milwaukee, with differences of 9.41 and 9.13 percentage points, respectively.
“Buying a house can be a challenging experience for many, regardless of their racial or ethnic identity,” said LendingTree Senior Economist Jacob Channel. “Nonetheless, the data is clear that in the face of systematic issues, such as having fewer opportunities to access credit and less generational wealth, Black Americans are especially likely to struggle when it comes to home buying.”
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Theyll make it about race. But if you’ve been doing this a long time you know the real reason most blacks do not own a home is because they cannot qualify for a loan because their credit history is weak. Often no matter what they do for a living, sadly many have poor payment history, weak employment or rental history, little to no savings, are divorced, have multiple children (child support ) & debt. No matter your color or ethnicity no respectful lender will approve you for a home loan w poor credit history. Stop with the race baiting.
💯 truth. If we are going to talk data, let’s discuss all of the data that gets us there. Maybe compare average monthly cost of cable plans, Dodge Charger note payments, or child support obligations (not payments) over a multitude of partners. Some far more apparent data comes of this.
Society can’t just “give” blacks everything. As a race they need to grow and develop. Pandering to the problem isn’t helping.
Blacks are 13% of the population. Why would that figure surprise anybody?
As you can see from the comments above, the same stereotypes of Black people. The system will not change if there is no acknowledgment of the results of slavery.