We had the pleasure of hosting Alanna McCargo, VP of Housing and Finance Policy at the Urban Institute to help us answer a listener question about wealth inequality, and Xander came across an incredible article with an important question: how does real estate impact the ongoing wealth gap between white Americans and Americans of color? And what drives the ongoing housing gap?
The answer is…. pretty darn complicated. Thanks as always to the Urban Institute for the really enlightening conversation and great questions. Alanna is awesome; this is definitely worth a listen!
Notes and Sources
Some key stats:
From 2000-2017 black home ownership rate declined 4.8% to 41.8%, the lowest of all racial and ethnic groups. Equal to a loss of 770,000 black homeowners
30% gap between black and white homeownership rates
Median net worth for white households in 2016 was $171,000, compared to $17,600 for black households, according to the 2016 Survey of Consumer Finances