Charlene Crowell: Black Americans continue to face hurdles to homeownership

by Charlene Crowell The approaching spring season signals not only a change in weather; but an annual surge in homebuying. Underscoring this long-standing trend is the annual April observance of Fair Housing Month. Enacted in 1968, the Fair Housing Act banned discrimination on the basis of race, religion, and national origin in the sale or rental of housing by banks, insurers and real estate agents.& But fair housing for whom? While homeownership has been the primary means for most American families to build and pass on inter-generational wealth, Blacks rank last in their ability to achieve the wealth-building benefits of buying a home.& According to the National Association of Realtors’& 2024 Snapshot of Race and Home Buying in America& report, disparity between Black homeownership rates and those of other racial and ethnic groups has actually grown larger since 2012. Only 44.1 percent of Blacks owned homes compared to majorities of Asian-Americans (63.3 percent), and Latinos (51.1 percent). & “The connection between homeownership rates and net worth is a critical one. Net worth, or the total assets minus household liabilities, is an essential indicator of financial stability and economic well-being,” states the report.& After more than 50 years of federal laws—envisioned...