We call America “the melting pot“ for its ethnic and cultural diversity. However, when it comes to the American dream, everyone seems to be in agreement.
According to a recent study done by Better Homes and Garden Real Estate, polling of 400 African Americans, whites and Hispanics showed that each ethnic group valued homeownership and saw it as a long-term ambition. But although they all buy into the idea of the white picket fence and freshly manicured front lawn, the fact remains that minority ownership is still lagging:
According to the report, homeownership rate among blacks trails that of whites by nearly 28 percent, dealing a devastating blow to black wealth in turn.
And while the Housing and Urban Development Act has authorized subsidized mortgages for low-income homebuyers since 1968, policies aimed at protecting such borrowers are threatening to undo solid progress in this area, The Fiscal Times reported earlier this year.
Read more at the Huffington Post.