Homeownership is key to shrinking the racial wealth gap

Consumer Reports

(Courtesy: Eleven Photography LLC.)

(WETM) – According to a new analysis from Zillow, increases in homeownership and home values among black households could help shrink the racial wealth gap.

Currently, there is a three trillion dollar racial wealth gap.

Homeownership could help shrink the racial wealth gap by half.

Approximately 42% of black households own their homes, compared to 72% percent of white households.

The difference accounts for nearly 40% of the racial wealth gap, with stocks, bonds, and retirement accounts making up the rest.

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