Minority borrowers face barriers in reaping full benefits of homeownership

Minority homeowners can face significant barriers to realizing the full benefits of homeownership – especially when it comes to building intergenerational wealth, according to a recent report by the Urban Institute. According to the report, since homeownership became viable for Black families, “the benefits have been uneven and have not accrued equitably.” Black households with housing equity have about half the equity of white households on average, while Hispanic households have about 63% of the equity of white households on average. “These differences in housing equity reflect differences in underlying home values and the total amount of mortgage debt,” the study said. “All else equal, lower home values for homeowners of color relative to the values of homes owned by white homeowners contribute to lower housing equity for Black and Hispanic homeowners.” Miki Adams, executive vice president at C