By Jacob Whiton, Theresa Y. Singleton, and Lei Ding, Photo: Window Creative/Shutterstock, Housing Matters, May 18, 2022
Homeownership is widely viewed as one of the primary ways families build wealth in this country, but the racial homeownership gap has been persistently high for decades. Discriminatory housing policies and unique social, economic, and financial barriers are largely responsible for the racial homeownership gap.
In this brief, Philadelphia Federal Reserve authors use data from various publicly available data sources, including the US Census Bureau, American Community Survey, Integrated Public Use Microdata Series, and the Home Mortgage Disclosure Act, to explore how the Black homeownership rate has shifted over time in Philadelphia and discuss what factors have contributed to racial disparities in homeownership.
They find that although the homeownership gap in Philadelphia is smaller than in the US overall, Black homeownership in the city has steadily declined over the past 30 years, and the Black-white homeownership gap slightly widened.
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