Source: Business Insider
When they tried to get financing from banks, Black and Latino mortgage applicants were more likely to be denied loans than aspiring homeowners of other races.
While formal discrimination for home loans has been illegal in the US for decades, the ongoing divide in mortgage approval rates shows that more informal practices could still be in effect.
Thus, the share of Black households that own their own homes is lower than other racial groups.
Lower incomes and higher rates of poverty, combined with difficulties in getting mortgage approval, mean that homeownership rates for Black Americans remain low.