- Description
This report is part of an evaluation of the Wealth Opportunities Realized through Homeownership (WORTH) initiative. Led by the Wells Fargo Foundation, WORTH supports efforts to close persistent disparities in homeownership in Atlanta, Houston, Milwaukee, New York, Philadelphia, Richmond, San Diego, and rural and tribal areas. In each market, we examine housing supply and demand, homebuying activity, homeownership trends, and preservation conditions. We found that in almost every market, white households have higher homeownership rates than every other racial or ethnic group. Moreover, macroeconomic forces driving market conditions, like higher interest rates and moderating house prices, can significantly dampen or thwart market collaboratives' efforts to boost homeownership rates for people of color. Future evaluation will examine the implementation processes used in each market. The larger body of work contributes to understanding the crucial connection between homeownership and wealth-building and the multitude of barriers that households of color face in achieving homeownership. It also supports research-backed strategies for increasing homeownership for households of color and for reducing racial disparities.
