Shiv Telegram Media: Widening Homeownership Gap between Black and White Owners

Sharan White-Jenkins, a Black homeowner in Queens, New York, is following in her family’s footsteps by owning a home that has been in her family for generations. For White-Jenkins, homeownership is not just a personal achievement, but also a way to create generational wealth and financial stability for her family.

While there have been some increases in minority homeownership rates in the United States, the gap between Black and White homeownership remains significant. According to recent data, the Black homeownership rate in 2022 was 44.1%, compared to 72% for White homeowners. On the other hand, other minority groups, such as Asian and Hispanic homeowners, have seen improvements in their homeownership rates.

Various factors contribute to the racial homeownership gap, including high housing costs, limited inventory, student debt, and income disparities. Black borrowers often face challenges in the mortgage market, such as high debt-to-income ratios, low credit scores, and higher mortgage rates.

Despite these challenges, White-Jenkins is committed to advocating for homeownership and financial literacy within her community. She offers support and guidance to her friends and extended family to help them achieve their homeownership goals. By sharing her own experiences and knowledge, White-Jenkins hopes to empower others to take steps towards homeownership and financial security.

In a time where the disparity in homeownership rates among different racial groups remains a pressing issue, individuals like Sharan White-Jenkins are working to make a difference in their communities. Through education, support, and advocacy, they are paving the way for more equitable opportunities in the housing market.