home_ownership   51

« earlier    

Opinion | The American Dream Isn’t for Black Millennials
Jan. 5, 2019 | The New York Times | By Reniqua Allen. Ms. Allen is the author of “It Was All a Dream.”

....I marched up to my new, small, one-bedroom apartment on the Hill, satisfied. It felt as if I’d broken barriers.

But when I got a notice in the mail about five years after I closed, I felt dizzy. It was not long after the financial crisis. The letter said that my mortgage company had been charged with giving subprime loans to black and Hispanic people around the country and asked if I wanted to join a class-action suit. I had most likely been the target of predatory lending. I had known from the start that my income could make me a target. I’d heard the words of the broker. But because of my race? It hadn’t crossed my mind. I was devastated......How much room is there in anyone’s life for a mistake or the perception of a mistake if you’re young and black in America? How much of the American dream hangs in the balance? For the dozens of people I talked to, the reality is that if we want our dreams to come true, all too often we have to be almost perfect, making the right decisions all the time. Not getting that ticket. Not listening to that mortgage broker. Not speaking up.....I know the history of this country, know the history of redlining, know how my grandparents were locked out of neighborhoods because of their skin color. But for some reason I was still surprised. I would say I was mad, but more than that, I was hurt that I had been lulled into some kind of false bourgeois comfort that had made me think that my life was different from my predecessors’ lives. Sure, I had made it up that Hill, but at what cost?
African-Americans  downward_mobility  economic_downturn  millennials  the_American_dream  subprime  predatory_practices  racial_disparities  redlining  home_ownership 
11 weeks ago by jerryking
The Widening Racial Wealth Divide
OCTOBER 10, 2016 ISSUE | - The New Yorker | By James Surowiecki
It would take black Americans two hundred and twenty-eight years to have as much wealth as white Americans have today.

As Thomas Shapiro, a sociologist at Brandeis and the co-author of the seminal book “Black Wealth/White Wealth,” told me, “History and legacy created the racial gap. Policies have maintained it.” Together, they contribute to what he’s called “the hidden cost of being African-American.”

Start with history. Beginning in the New Deal and on into the postwar years, the federal government invested heavily to help ordinary Americans buy homes and go to school, via programs like the Federal Housing Administration and the G.I. Bill. That fuelled an economic boom and fostered the growth of a prosperous middle class. But black Americans received little of this assistance. Redlining by banks and by government agencies prevented black families from buying homes in white neighborhoods; in a thirty-year period, just two per cent of F.H.A. loans went to families of color. G.I. Bill benefits went disproportionately to white veterans. Black agricultural and domestic workers were excluded from Social Security until the fifties. As Dedrick Asante-Muhammad, the co-author of the CFED/I.P.S. report, told me, “Massive government investment helped create an American middle class. But it was a white American middle class.”
racial_disparities  James_Surowiecki  race  African-Americans  redlining  discrimination  generational_wealth  racism  education  housing  intergenerational  New_Deal  wealth_creation  home_ownership  books  post-WWII 
october 2016 by jerryking
Six Expensive Home Repairs You Can Avoid With a Little Maintenance
The cost of owning a home goes well beyond the price you paid for the house itself. When something breaks, you have to fix it, and those repairs can be costly. You can’t foresee or avoid every home repair, but some regular maintenance can save you hundreds—maybe thousands—on some of these big ones.
home_ownership  maintenance 
september 2016 by doctor_hu
Is It Better to Rent or Buy? - The New York Times
An interactive calculator to answer the question if it's better to rent or buy
home_ownership  rent  buy 
july 2016 by mzyk83
How Segregation Destroys Black Wealth

The Federal Housing Administration, created during the New Deal to promote homeownership, openly supported these racist measures; it forbade lending to black people even as it subsidized white families that moved from the cities to the suburbs. Cut off from fairly priced home loan credit, black neighborhoods deteriorated and their values plummeted....Many discriminatory practices were formally ended with the civil rights and fair lending laws of the 1960s and 70s. But these were quickly replaced by subtler techniques that encouraged ghettoization, like channeling black families away from white areas and banks’ and mortgage brokers’ systematically pushing middle-income black families into high-cost, high-risk loans when they could have qualified for more affordable loans....This history of discrimination has taken an enormous toll on black wealth, as is shown in research by Douglas Massey and Jonathan Tannen at Princeton University’s Office of Population Research. In 1970, two years after the passage of the Fair Housing Act, for example, the average well-off black American lived in a neighborhood where potential home wealth, as measured by property values, stood at about only $50,000 — as opposed to $105,000 for affluent whites and $56,000 for poor whites.

By 2010, affluent African-Americans had passed poor whites in potential home wealth but had fallen further behind affluent whites. There is more than money at stake, Mr. Massey and Mr. Tannen write, because home values “translate directly into access to higher quality education given that public schools in the United States are financed by real estate taxes.”

Throughout history, ethnic groups have been able to translate economic gains into housing in better neighborhoods and advantages for their children. But for African-Americans, the researchers write, that transition has been “thwarted by segregation and the prejudice and discrimination that create and maintain it.” In other words, the damage reaches across generations and continues today
segregation  African-Americans  wealth_management  real_estate_taxes  racial_disparities  racism  discrimination  education  housing  intergenerational  New_Deal  wealth_creation  home_ownership  generational_wealth  prejudice  public_education 
september 2015 by jerryking

« earlier    

related tags

achievement_gaps  african-americans  alaska  american_history  andrew_oswald  arnold_kling  articles  book_reviews  books  bubble  buy  chicago  clutter  cockamamy_indeed  college-educated  comic  community_/_economic_development  compulsions  cost-cutting  dan_solin(writer)  derivatives  discrimination  downward_mobility  economic_downturn  economic_history  economics  economy  education  emilie_le_beau_lucchesi(writer)  end_of_ownership  externalities  externality  fic  finance  finances  financial_crisis  financial_literacy  foreclosures  free  free_land  generational_wealth  get_your_brain_right  government  ground_over  harp  harvard  haunted_houses  health  health_insurance  hedges  henry_louis_gates  home  home_and_hearth  home_buying  home_decor  home_renovations  homeownership  household  housing  human_capital  in_the_real_world  index_funds  insurance  intergenerational  investing  investors  james_surowiecki  january_2019  labor_market  land  landlord  layoffs  local  louisiana  low-income  maintenance  middle_class  millennials  miller-mccune  money  morality  mortgage  mortgages  new_deal  new_orleans  new_york_times  ninth_ward  now_airing  overrepresentation  owen_hatherley  owners  ownership  personal_beta  personal_finance  pitfalls  plumber  politics  popular_media  post-wwii  predatory_lending  predatory_practices  prejudice  property_ownership  psychology  public_education  public_good  public_policy  public_sector  quantified_self  race  racial_disparities  racism  railroads  raleigh  rant  real_estate  real_estate_taxes  redlining  renovations  rent  rental  rentals  renting  risks  robert_shiller  saving_money  segregation  self-discipline  shower_head  skilled_trades  social_classes  startups  stock_market  subprime  subsidies  the_american_dream  tips  ufsc  wealth_creation  wealth_management  westward_expansion  whole_house_fan  x-men  yale 

Copy this bookmark: