New York Attorney General Letitia James published a report highlighting racial disparities in homeownership and mortgage credit access within the state.
The report noted that White households in New York were 25% percent more likely than Asian households to own their home and more than twice as likely as Black or Hispanic households to own their home. The report also pointed out that the state’s capital city of Albany had second-largest gap between White and Black homeownership of any city nationwide – only Minneapolis had a greater housing disparity gap.
Furthermore, the report detailed that all applicants of color are being denied mortgages at higher rates than White applicants, regardless of credit score, income, size of the loan, and other factors. Nonwhite prospective homebuyers also incurred higher costs than their White counterparts and were less likely to be approved to refinance their loans to a lower rate.
“Owning a home is an essential part of achieving the American dream and building wealth to pass on to future generations,” said James. “Unfortunately, unequal access to affordable credit is still pervasive across our state, reinforcing the legacy of segregation, leading to a disparity in homeownership, and fueling the racial wealth gap. This report makes it clear that our state must do more to provide better resources for homebuyers and strengthen housing laws to help empower more New Yorkers. My office remains committed to fighting housing discrimination in all forms, and I look forward to working with my partners in government to address this problem.”
The full report is now available online.
