Black homeownership drops dramatically in Baltimore, report finds
New incentives and flexible loans aren't enough to reverse a falling rate of homeownership in Baltimore's Black community because many families find it too difficult to overcome systemic racism and inequities, says a new report by the Baltimore-based Abell Foundation.
"Overcoming Barriers to Homeownership in Baltimore City" found that from 2007 to 2017, the homeownership rate in Baltimore City fell from 51% to 47%, and the Black homeownership rate sank from 45% to 42%. The report says the decline in Black homeownership is a nationwide trend. Though other racial groups have recovered from the massive foreclosures that hit the country during the Great Recession, the Black community has not seen the same rebound.
Source: Baltimore Business Journal