The legacy of redlining lives on in modern-day America, shutting millions of families of color out of homeownership, according to a new report.
“Lack of credit access keeps people in a cycle of paying more in rent than they would pay each month for a mortgage on that same home,” Nicole Bachaud, a senior economist at Zillow, said in a statement. For the broader market, with rates over 7.5% in early November, the average principal and interest payment is over $2,500, according to the latest ICE Mortgage Monitor report. On the flip side, rents are trending downward: Year-over-year rent growth fell 1.2%, according to Apartment List’s November report. The median rent nationwide was $1,354.
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