By Michaelle Bond, Photo: Jose F. Moreno, The Inquirer, December 13, 2021
Black Philadelphians will need both short-term support and long-term solutions to help them become homeowners in the aftermath of the pandemic and as racial homeownership gaps persist, according to the Federal Reserve Bank of Philadelphia.
Because of entrenched inequities in employment and income, owning a home is relatively more expensive for Black homeowners than for white homeowners, according to an October report from the Philadelphia Fed. That puts Black property owners at greater risk of losing their homes. Because of job segregation and barriers to building wealth, Black people are, in general, more vulnerable to economic downturns. They also have been disproportionately harmed by the pandemic.
“The COVID-19 pandemic makes it clear that homeownership continues to be far more precarious for Black homeowners in Philadelphia than their white counterparts,” the report’s authors wrote.
Comments (1)