Record Housing Prices Widen Racial Divide

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¡°Look at this¡¦. this is beautiful.¡±

That¡¯s the joy of a mother touring her dream home in Phoenix. 

¡°I love it.¡±

But for half a million dollars -- Dana Burns can¡¯t 1afford it.

¡°A 500,000 dollar, I don¡¯t think so, I know not.¡±

With record prices and now rising 2mortgage rates -- the typical monthly payment for a US home is up 42 percent in a year. It¡¯s pricing out 3first time buyers of all backgrounds... but black 4applicants face even steeper 5hurdles. Studies show they¡¯re less likely to come from wealth, more likely to 6carry debt, and they pay 7disproportionately high rent, making it more difficult to save for a 8down payment. They¡¯re denied home loans 84 percent more often than white buyers. That¡¯s a big barrier in hot housing markets like Phoenix where investors with cash are buying up more homes than ever to 9flip or rent... even more so in this historically black part of South Phoenix.

¡°It¡¯s 10emotional because this is where I wanna to be.¡±

Nicosha Jones grew up here and spent eight months trying to buy her first home. But with just 6,000 dollars for a down payment -- she couldn¡¯t compete and quit searching.

¡°Everything was crushed at that moment.¡±

¡°Unfortunately, the homeownership gap has actually 11widened.¡±

New data shows less than 45 percent of black families own their home -- compared to 74 percent of white families. A gap that¡¯s barely changed since the 1960s when the 12Fair Housing Act 13outlawed housing 14discrimination. 15Owning property is how most families build wealth and it¡¯s never been more valuable.