The Power Is Now Media Black Homeownership Wealth Research The following are summaries of research reports about homeownership in the United States and the impact of not owning homes is having on African Americans and people of color: CALIFORNIA ASSOCIATION OF REALTORS Report on California Housing Affordability by Ethnicity https://www.car.org/en/aboutus/mediacenter/ newsreleases/2021releases/haibyethnicity. Published: February 2021
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Housing affordability for Black California households is half that of whites, illustrating persistent wide homeownership gap and wealth disparities, C.A.R. reports Less than one in five Black California households could afford to purchase the $659,380 statewide median-priced home in 2020, compared to two in five white California households who could afford to purchase the same median-priced home. At an affordability index of 20 percent, the affordability gap was similarly wide for Latinx households. A minimum annual income of $122,800 was needed to make monthly payments of $3,070, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 3.30 percent interest rate.
Introduction Housing affordability for Black California families is half that of white families, according to the California Association of Realtors (C.A.R), demonstrating that considerable homeownership disparities and wealth inequalities persist. In 2020, just one out of every five Black California households will be able to buy the state’s median-priced house of $659,380, compared to two out of every five white California households. With a 20 percent affordability index, Latinx households faced a huge cost gap. A minimum annual income of $122,800 was necessary to make monthly payments of $3,070, including principal, interest, and taxes, on a 30-year fixedrate mortgage with a 3.30 percent interest rate. C.A.R. showed that fewer than half of Black families made enough money to purchase a home, highlighting the homeownership gap and economic discrepancy for people of color, women, persons with disabilities, indigenous peoples, and LGBTQ people. In 2020, 19% of Black homebuyers in California could afford a median-priced existing singlefamily house, compared to 38% of white households. Housing affordability was also a problem for Latinx families, with just 20% earning the minimum income necessary to purchase a median-priced home. Asians had the most affordable housing, with 43 percent of buyers able to afford the median-priced house in 2020. According to the Census Bureau’s American Community Survey, the 2019 homeownership rate in California was 63.2 percent for whites, 60.2 percent for Asians, 44.1 percent for Latins, and 36.8 percent for Blacks. C.A.R. is taking many steps to combat housing discrimination, including sponsoring many Fair Housing and Equity laws, such as:
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