Homeownership Gap

Disturbing new research from Zillow shows how Americans without access to credit are blocked out of homeownership, especially in Black neighborhoods. Lack of access to credit keeps many renters stuck in the same routine and paying more than they would if they purchased a home. Zillow notes that in many parts of the country, monthly mortgage payments are less expensive than rent. But credit insecure areas tend to have higher populations of color, especially Black households. The lack of access can be directly tied to racist banking practices that permeated the 20th century. Redlining is an illegal practice where lenders avoid providing credit services to individuals living in communities of color because of the race, color, or national origin of…