National Fair Housing Alliance President and CEO Lisa Rice works every day to combat housing inequality and discrimination. Zillow Research had a conversation with Lisa on her insights about some of the eye-opening results gleaned from a Zillow Housing Aspirations Report survey.
Fair Housing
Hispanics, Young Adults Pushing Up U.S. Homeownership Rate
The seasonally adjusted U.S. homeownership rate is currently enjoying its longest uninterrupted run of quarterly gains since the turn of the 21st century, driven higher by advances among Hispanics and younger adults.
Home Values Remain Low in Vast Majority of Formerly Redlined Neighborhoods
Home values in the vast majority of neighborhoods that were “redlined” as hazardous for mortgage lending by the federal government 80 years ago are lower now than in areas rated more highly.
Redlining and Home Values in St. Louis, Philadelphia and Portland, Ore.
We talked to locals in Portland, Philadelphia and St. Louis -- places where home values in formerly redlined areas have passed the values in some other neighborhoods. The reasons they gave ranged from imminent domain to gentrification to early efforts to stave off urban decay.
Geographies Analyzed for Redlining-Home Value Research
Zillow analyzed redlined neighborhoods in the 151 cities, counties or other geographic areas listed here. In three-quarters of them, formerly redlined neighborhoods now have lower median home values than communities that carried different labels.
Black Mortgage Applicants Denied at More Than Twice the Rate of Whites
Overall denial rates for conventional mortgages have fallen for almost a decade, a sign of progress that nevertheless conceals a stark divide in the housing market: Black applicants for conventional mortgages are denied at more than twice the rate of white applicants.
Black and White Homeownership Rate Gap Has Widened Since 1900
In 1900, the gap in the homeownership rate between black and white households was 27.6 percentage points. It's now 30.3 percentage points, the widest among whites, blacks, Hispanics and Asians – although the difference between white and Hispanic homeownership rates has more than tripled. Asians have seen the largest gains, although their homeownership rate still lags whites.
Why White and Asian Home Buyers Have an Advantage Over Black, Hispanic Buyers
A white American household could reasonably afford a home almost two-thirds more expensive than a black household in 2017, giving them significantly more flexibility to find an affordable home last year in an incredibly competitive housing market marked by low inventory.
Hispanics and the Homeownership Divide
Although Hispanics say that owning a home is necessary to live the American Dream, only 45.6 percent do -- only slightly above the 40.2 percent who owned homes in 1900. Hurdles include saving down payments, establishing credit scores and finding the right mortgage.
Asians and the Homeownership Divide
Asians have been deeply affected by discriminatory housing policies from the 20th century, including redlining and restrictive racial covenants. Many Asian Americans, especially first-generation immigrants, face cultural barriers to the U.S. style of lending and home buying.
