Closing the Homeownership Gap in Metro Atlanta and Beyond
The racial wealth gap has been growing over the past five decades and has reached the point where white households hold more than ten times the wealth of black households. The homeownership gap between black and white families is 30 percent.
This continued disparity in wealth is of growing concern, and notably growing as black households continue to slip further behind in critical measures for wealth building and economic mobility. Approximately 37 percent of black households have zero or negative net wealth, compared to 15.5 percent of whites (Institute for Policy Studies, 2019); and, despite comprising 13 percent of the nation’s population, blacks collectively own less than 3 percent of its wealth (Darity et al., 2018). The racial wealth gap is even more severe for women of color, who hold nearly zero median wealth compared to $45,400 among white women (Richard, 2014).
Homeownership is one of the significant drivers of wealth creation for households of color. The homeownership gap, which currently measures at 30 percent between white and black households, largely overlaps with the racial wealth divide. For many families in the United States, homeownership marks their largest wealth asset, and this is especially true for households of color.
Addressing the homeownership gap alone will not achieve wealth parity for African American families, but it would make a significant difference. According to a 2016 report by Demos and the Institute on Assets and Social Policy, if racial disparities in homeownership were eliminated, median black wealth would grow by $32,113, and the wealth gap between black and white households would shrink by 31%.
On August 28, 2019, Atlanta Neighborhood Development Partnership (ANDP), in collaboration with Urban Institute, National Association of Real Estate Brokers (NAREB) and NeighborWorks America, will host a summit entitled Closing the Homeownership Gap in Metro Atlanta and Beyond.
Closing the Gap in Homeownership summit will include presentations on:
- Historical context for the homeownership gap;
- Recent research on African American homeownership and related wealth creation opportunities;
- Existing barriers to African American homeownership along with potential solutions and best practices on both the demand and supply side of the equation; and
Direct implications of current and proposed public policies.
The summit will be held at The Carter Center and will feature presenters from:
- Atlanta Neighborhood Development Partnership
- The Brookings Institution
- Georgia State University
- National Association of Real Estate Brokers
- National Fair Housing Alliance
- NeighborWorks America
- Urban Institute
- And more to be announced soon.
The summit will be held Wednesday, August 28 from 8:30 a.m. until 12:30 p.m. at The Carter Center
453 Freedom Parkway, Atlanta, GA 30307
The event is free to attend but advanced registration is required.
Registration and details at www.andpi.org/cthg