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Pay equity momentum poised to help close homeownership gap: analysis – Smart Cities Dive

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Dive Brief:

  • Women in the U.S. could afford 18% more of homes for sale if they made as much money as men, according to a recent analysis by Zillow. “Because owning a home is the dominant avenue for building wealth for most Americans, this disparity has a compounding impact,” it says.
  • This gap in access to homeownership has further ramifications for women’s affluence, researchers say. And when they do buy: “The female financial return on buying the home is lower in that women buy for a higher price and sell for a lower price,” said Kelly Shue, professor of finance at Yale School of Management.
  • That said, the overall gender pay gap is shrinking, which in turn ought to address the problem of home value disparities, the analysis in part concluded.

Dive Insight:

Homeownership is the foundation for building wealth for many people in the U.S. Yet certain demographic groups continue to lag in that pursuit, even though overall ownership rates are on the rise.

For instance, the National Association of Realtors recently reported that the U.S. homeownership rate had its largest-ever annual increase in 2020, but White families remained homeowners at a much higher rate than Hispanic American, Asian American or Black families, with the Black homeownership rate lower in 2020 than it was in 2010.

It’s both a historical issue and an ongoing trend. Racial barriers have for decades prevented Black families from having what many people consider a central piece of the American Dream. Discriminatory practices such as redlining – in which the Federal Housing …….

Source: https://www.smartcitiesdive.com/news/pay-equity-momentum-poised-to-help-close-homeownership-gap-analysis/622191/

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