Period, participants work with a case manager to set and pursue goals Public assistance by promoting employment and asset building. Receive federal rent subsidies or public housing reduce their dependency on Another HUD-funded initiative, theįamily Self Sufficiency (FSS) program, helps low-income families who Homeownership? HUD has examined housing counseling for first-time What can be done to help more Americans enjoy the benefits of

Similar units owned by whites, further widening the wealth gap. Housing units owned by African Americans sell for 35 percent less than People of color to save the money needed to buy a home. Nearly 10 times that of black families, making it especially difficult for Longstanding wealth gap between African-American and white households theįederal Reserve estimates that the median net worth of white families is These barriers to homeownership have created a Their homes to foreclosure between 20, almost twice the rate of Often assessed higher lending fees that make the mortgages unaffordable.Īpproximately 8 percent of African-American and Latino homeowners lost Minorities who do save enough for a downpayment are Groups to spend a greater proportion of their paychecks on student loan African-American workers, who alreadyĮarn less than white workers, are more likely than those in other racial Rebuilding their credit following the recession, some African Americans are Pronounced for minorities, whose homeownership rate of 46.3 percent remains Many first-time homebuyers have difficultyĬoming up with a downpayment (either through their own savings or throughĪssistance from their families), overcoming regulatory burdens and student Many Americans, however, are not confident that

Census Bureau, the nation’s homeownership rate fellįrom 66.2 percent in 2000 to 64.2 percent in 2017, but overall it has Through the mortgage interest deduction, and gain long-term savings overĪccording to the U.S. Wealth and access credit by building home equity, reduce housing costs For manyĪmericans, owning a home is an essential part of the American dream thatĬonveys a number of economic benefits, such as the ability to accumulate June may be National Homeownership Month, but HUD works to support andĮxpand homeownership opportunities for all Americans year-round. Rachelle Levitt, Director of PD&R's Research Utilization Division.

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