Roadmap to Increasing Black Homeownership

111 East 12th Street,Cincinnati OH 45202

28 April, 2022

Description

Join HOME for a happy hour and a chance to learn more about the Roadmap! Limited tickets available, reserve your spot now According to national studies using the disparity index, Cincinnati is one of the most segregated cities in the United States. The most significant indicator of systemic racism in the United States is the wealth gap between Black and White households. The disparity in homeownership accounts for a significant part of that wealth gap. Black homeownership in Cincinnati is around 31% while white homeownership is around 73%—a 42% gap. Incomes have stagnated, and the median Hamilton County household earns less today than a decade ago. One of the most crippling outcomes of systematic racism targeted towards communities of color is the lack of access to a livable wage. This is a result of both workplace discrimination and bias as well as the increased presence of socio-economic barriers to success. In 2021, 58 Metropolitan Statistical Areas were studied across the country. Only two out of all the cities analyzed had a more significant gap in homeownership rates between Black and white households than Cincinnati. (Zillow Research, April 2021.) We are, indeed, a Cincinnati of two cities—one White and one Black. In the midst of a national housing crisis, Cincinnati finds itself at a crucial tipping point. A recent study by the Urban Institute found that over 19 thousand local Black Millennials are mortgage ready. HOME (Housing Opportunities Made Equal), released a set of proposals entitled “A Roadmap to an Open City” to address these issues. The Roadmap summarizes two key, local data-driven housing studies – Housing Our Future, May 2020 convened by Local Initiatives Support Corporation (LISC) and the Cincinnati Hamilton County Fair Housing Assessment, 2019 commissioned by Cincinnati and Hamilton County, conducted by Community Building Institute with Xavier University. The Roadmap presents policy recommendations aimed to combat the enormous homeownership gap within our city effectively and tap into the opportunities existing in a more equitable housing market. Come join us to learn how to get involved!