Researchers at Arizona State University investigated how actions and regulations have shaped the housing market, limits on homeownership and potential solutions to the problems created by discrimination against some buyers.
“In the past, there were laws and policies that limited homeownership,” said Alison Cook-Davis, research director at Morrison. “But now we are having this bigger conversation of the racial wealth gap because of those policies.”
Morrison suggests several changes to overcome barriers to homeownership for prospective buyers, especially people of color. Most would require changes to government and industry practices.A study in 2010 determined that a lack of understanding of the homebuying process led to lower homeownership rates among people of color. Questions about how to buy a home, how to get a real estate agent, how to get a mortgage, and the best mortgage options were all cited as barriers to homeownership.
by Black and Lati applicants were rejected but would have been accepted had the applicant been white.Expand and restructure downpayment assistance programs Although several downpayment assistance programs are available in Arizona, most target first-time homebuyers and lower-income individuals. These two groups may include homebuyers of color, but it is not a guarantee.Although there is a federal tax deduction for mortgage interest and property taxes, it requires individuals to itemize their taxes. One analysis showed that homeownership rates among low-income people of color would increase 6-10% if a tax credit were offered.
Coverage of housing insecurity on azcentral.com and in The Arizona Republic is supported by a grant from the Arizona Community Foundation.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Being in TimeHow much should we value the past, the present, and the future?
Read more »
Georgia man accused of leaving grandmother in freezer to diePolice said 82-year-old Doris Cumming’s family believed she had moved out of state, but grew concerned after not hearing from her and reported she might be missing.
Read more »
Georgia man accused of leaving grandmother in freezer to diePolice said the victim's family believed she had moved out of state, but grew concerned after not hearing from her and reported she might be missing.
Read more »
Japan feels heat of China's intensifying military maneuversJapan, like Taiwan to the south, has reported a significant uptick in Chinese aircraft activity in its surrounding skies this past year.
Read more »
What will happen if we don’t make housing easier to find, Editorial Board asksEditorial: 'If you’re fortunate enough to buy a home these days, you’re likely paying thousands (if not tens of thousands) over the asking price. This is in part because we’re short at least 45,000 housing units.'
Read more »
Realty reality check: The ins, outs and ughs of first-time homebuying in DenverThe Denver Post interviewed local housing experts and renters looking to make the leap to homeownership who offered their advice — and a real-estate reality check for those entering the battle royale of homebuying.
Read more »