Black and Hispanic households in New York state — home to America’s financial capital — own their homes at half the rate of white households, a government report said Tuesday.
Compiled by the office of Attorney General Letitia James, a Democrat who is the first African American and first woman to hold the position, the report found “a stark racial gap in homeownership rates in every region” of the state.
Across New York state, where almost half the total population of 20 million lives in the eponymous southern metropolis, “white households are 25 percent more likely than Asian households to own their home and more than twice as likely as Black or Latino households to own their home,” a summary said.
An analysis of mortgage data “found racial disparities at every phase of the lending process,” the report said — from number of submissions to approval rates to pricing of loan products.
The report also found that the long-term cost of a home loan for white New Yorkers was much lower than for Black or Hispanic residents, who were more likely to be charged higher interest rates and less likely to be approved for refinancing.
“These added burdens total over $200 million more in interest and other costs over the course of Black and Latino borrowers’ loans,” the AG’s office said.
The report also highlighted that the state capital Albany has the second-highest gap between white and Black homeownership in the country, behind Minneapolis.
The report called for “multi-pronged” state action to address the problem, including subsidizing down-payments and interest rates for first time buyers and developing new financial institutions.
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