Ohio forged, globally minded
The Ohio State University
osu-32px-horiz-rev
We are Ohio State, a dynamic community where opportunity thrives. Through our far-reaching network of diverse resources and perspectives, we foster the incisive thinking, spirit of collaboration, and depth of character you need to transform yourself and your world.  
Help | BuckeyeLink | Map | Find People | Webmail
open close

Housing & Predatory Lending Working Group on Closing the Racial Wealth Gap

Housing & Predatory Lending Working Group on Closing the Racial Wealth Gap
2007Fair Credit/Fair Housing

Download or View The Full Report

Housing has been crucial to building wealth in our society. While many people think of wealth as synonymous with income, home equity is often the largest component of the average American family’s wealth. In 2000, data collected by the U.S. Census Bureau found home equity to account for 75% of the assets held by the median household in the U.S. Historically, home equity has been critical in the growth of the middle class throughout the U.S. following WWII.

While home equity has been a significant resource to improve conditions for White families in the U.S., families of color have not been able to access the wealth potential of home equity. Several factors account for this problem, a legacy of historical discrimination in lending and access to homeownership, the cost of living in segregated communities and continued discrimination in the housing market. Minority communities are often targeted by sub-prime lenders as well. Recent challenges facing the U.S. housing market, such as exorbitant cost and wide spread foreclosures, amplify these existing conditions, threatening to expand existing wealth disparities in the U.S.