The homeownership gap: blacks cite lack of knowledge, up-front costs as biggest obstacles. (Facts & Figures).Homeownership is one of the keys to building wealth. And while the number of African Americans African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. who own homes has risen in recent years, there's still a sizeable gap when compared to other racial groups. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census , 74.8% of whites own their own homes as of the fourth quarter of 2002 compared to 47.5% for blacks. This disparity, as well as the reasons for it, is the focus of The Growing Demand for Housing: 2002 Fannie Mae Fannie Mae: see Federal National Mortgage Association. National Housing Survey. In the survey, which queried 1,864 adults--of which 505 were black--32% of African Americans said their credit rating would be a major obstacle to obtaining a mortgage, whereas only 23% of all adults said the same. Of the African Americans polled, 27% claimed lack of job security would be a major obstacle to buying a home, while 26% said that if they wanted to buy a home now, not knowing how to get started would be a major obstacle. Other barriers cited were discrimination or other social obstacles. Margaret Simms, senior vice president for programs at the Joint Center for Political and Economic Studies The Joint Center for Political and Economic Studies ("Joint Center"), headquartered in Washington, DC, is a national, nonprofit research and public policy institution or think tank. in Washington, D.C., says though lack of knowledge about the home-buying process is a major contributor to the ownership gap, there are other real barriers. They include discriminatory dis·crim·i·na·to·ry adj. 1. Marked by or showing prejudice; biased. 2. Making distinctions. dis·crim practices income levels. "African Americans, on average, still make less than white Americans The term white American (often used interchangeably with "Caucasian American"[2] and within the United States simply "white"[3]) is an umbrella term that refers to people of European, Middle Eastern, and North African descent residing in the United States. so their ability to come to the table to make this work is more limited," says Simms, a of the BLACK ENTERPRISE Board of Economists. "So they don't have the same resources." The U.S. Department of Housing and Urban Development offers an online home-buying guide at www.hud.gov/buying/index.cfm. Fannie Mae also offers a free downloadable home-buying guide at www.homebuyingguide.org. Growth in Home Financing for Minorities Fannie Mae: 1993-2001 Total 95% White 72% Overall Minority 138% African American 194% Hispanic 205% Note: Table made from bar graph. SOURCE: FANNIE MAE Homeownership Rates by Race and Ethinicity of Householder (1998-2002) U.S. Total 68% White Total 72% White Non-Hispanic 75% Black, Total 48% Other Race, Total 55% Hispanic Total 50% Note: Table made from bar graph. SOURCE: U.S. CENSUS BUREAU |
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