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Congress hears concerns about racial disparities in homeownership

WASHINGTON, D.C. — Witnesses at a virtual Senate hearing on Tuesday said there’s a wide gap when it comes to Americans wanting to own a home, and the pandemic has further exposed the problem.

According to the U.S. Census, the white homeownership rate is 74%, while the Black homeownership rate is only 44%.

“Without interventions, people of color will never reach economic parity with white residents,” said Lisa Rice of the National Fair Housing Alliance.

Experts pointed to factors like housing and neighborhood quality, education levels and crime rates.

Witnesses said Black communities are valued 23% lower than those in predominantly white communities.

“Housing is a critical form of infrastructure serving families, communities and neighborhoods. Stable housing and healthy neighborhoods are critical to family well-being and child development,” said Dr. Jason Reece from Ohio State University.

Witnesses called on Congress to pass additional laws that they say will level the playing field and give equal opportunities for people to own a home while promoting U.S. productivity.

“These approaches will effectively provide vehicles of opportunities for all races, especially minorities who’ve been harmed by ill-conceived government-assisted policies,” said Howard Husock of the American Enterprise Institute.

Most lawmakers involved in the hearing agreed that change is needed.