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Racial disparities in housing affordability have persisted
from Unlocking Housing Access: Transit Oriented Development and the New York Housing Compact
by Nyhc2020
In the suburbs, non-white households are more likely to rent in multifamily housing.
• On average, 31% of Black/African American residents and 22% of Hispanic/Latino residents rent multifamily housing, versus 14% of White residents.
• According to the Black Homeownership Project, "On average, Black homebuyers paid $7,000 more in closing costs than White homebuyers in New York City. That discrepancy cannot be explained by differences in lending products; the pattern holds true among both conventional mortgage borrowers and those with Federal Housing Administration (FHA) mortgage loans (federally-insured loans originated by approved lenders).
Source: ACS 2021 5-Year Estimates
