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The Economic Perspective: “Differences in Homeownership”

Mary: This is Mary Walden with economist MW, welcoming you to the economic
perspective. Today’s program looks at differences in homeownership. Mike,
homeownership is one of the most common ways for a household to build up wealth. Yet
when we look at who owns homes, do we see some demographic differences?
Mike: Summary Answer
a. We do: whites: 75%; Hispanics: 50%; blacks: 44%
b. All were higher prior to the pandemic, but still differences
c. Much based on income differences – ability to qualify for loans
d. Means more non-whites miss out on building wealth through homeowning
e. One of biggest impediments is inability to have sufficient downpayment
f. So one idea is to have a governmental body supply some or all of the
downpayment
g. I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension
program from the Department of Agricultural and Resource Economics