Expanding Homeownership Vouchers Could Help Boost Black Homeownership and Wealth

Only 53 percent of Black household heads owned homes in March 2020, compared with 78 percent of white household heads, according to the US Census Bureau’s Current Population Survey. Racial discrimination in lending and the labor market, residential segregation, and exclusionary zoning restrictions contribute to Black families’ lower homeownership rates and to the broader wealth gap between Black and white families. Urban Institute argues that one potential vehicle for inproving racial equity could be to incorporate a substantial role for homeownership in Biden’s proposed expansion of the Housing Choice Voucher (HCV) Program, which is currently used almost entirely to support renters. Because Black families receive nearly half of all HCVs, leveraging this program to promote homeownership for voucher recipients could promote equity for Black families. #housing #racialequity #wealthandassetbuilding