Blacks still pay more than others for home ownership - MIT study
NEW YORK (Reuters) - African Americans still pay more than any other group to own a home. This inequality accounts for half of the current $ 130,000 gap between blacks and whites in retirement savings over 30 years, a recent Massachusetts Institute of Technology shows.
The annual difference of $ 743 in mortgage interest payments, $ 550 in mortgage insurance premiums, and $ 390 in property taxes for a 30-year investment results in an age loss of $ 67,320 for black homeowners, according to The Unequal Costs of Black Homeownership. ""
These inequalities make it impossible for black households to acquire home ownership at the same rate as white households, said the study, lead author Edward Golding, executive director of the MIT Golub Center for Finance and Policy.
Black homeowners, on average, have lower credit scores and lower down payments, largely due to past discriminatory policies and practices that put them disproportionately at a disadvantage through risk-based pricing, the study found.
Golding, a former head of the federal housing administration, said in a statement that "the cost of mortgages is to some extent driven by the markets," but "there is a great deal of public policy that affects these interest rates, especially as they affect people of color affects. ""
(Reporting by Herbert Lash; Editing by Alden Bentley and David Gregorio)
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