FAST FIVE: Black Homeownership Plunges To All-Time-Low Despite Record-Low Unemployment
2018 “African American unemployment has reached its lowest rate ever recorded – ever.
I'll talk also about people who love, and hate, our Country (mostly love)!” New census data, reported via The Wall Street Journal, tells an entirely different story in the African-American communities across the country, one where the black homeownership rate has plunged to the lowest on record.
The black homeownership rate increased for three decades and reached nearly 50% in 2004, but all those gains were wiped out in the last decade, hitting a new record low in 1Q19.
The rate plunged 1.8% from 3Q18 to 1Q19, which was a period in the economy where the most recent industrial slowdown started.
Policy analyst told The Journal that black communities have developed an indisputable wealth gap that has kept homeownership out of reach. “We can see that discrimination is still there, although it has changed its form,” said Michela Zonta, a senior policy analyst at the Center for American Progress.