The United States has made long strides in its civil rights movement. But things are still far from perfect. In a recent survey by Zillow, the real estate giant reports that the disparity between white homeowners and black homeowners is staggering.
The specifics are telling. According to the data from the Home Mortgage Disclosure Act, black applicants are denied a mortgage at a rate of 80% higher than white applicants.
Thought black homeownership is up since the recession of 2008, it has stalled out at 44% out of all homeowners.
Zillow survey data also revealed that black homebuyers are 59% more concerned about being discriminated against during the home buying process than white buyers (46%). This is with good reason, as the survey showed that lenders deny mortgages to black applicants at 1.8 times the rate of white applicants. The denial rate for conventional loans is 2.2 times higher for black people compared to white people. This is due in part to credit history playing a role in the decision making for lenders.
Discrimination is rampant in many aspects of our lives, even when it comes to looking for a dream home. Something that needs to be addressed by companies within the real estate industry.