Closing the Gaps: Building Black Wealth through Homeownership

Homeownership is the primary contributor to wealth building for Black households and continues to hold promise for building multigenerational wealth and housing stability for households of color. However, wealth is not accruing equitably to Black homeowners due to a long history of structural barriers and added costs. Households with little to no wealth are far more vulnerable during economic cycles, and the COVID-19 pandemic threatens to widen racial homeownership and wealth gaps creating deep housing insecurity for households of color. This report reviews the critical role housing equity plays in building wealth for Black families, reviews the historical factors that have contributed to disparate outcomes, and explores ways to improve wealth equity through homeownership. The report closes with a discussion of how to promote policies that accelerate wealth accumulation and equity for households of color.

Alanna McCargo, Jung Hyun Choi