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Amid a global pandemic, Black millennials led a boom in African American homeownership in 2020.
But racial disparities in wealth, education, employment, and homeownership still persist for Black Americans.
Homeownership is going to be a challenge for all millennials, but mostly for Black millennials, an expert told Insider.
During a pandemic that hit Black communities hard, millennial buyers represented the bulk of African Americans home purchases in 2020.
Black adults between the ages of 26 and 39 sparked a nationwide rise in the homeownership rate for African Americans, CNN Business reported.
According to a November report released by the National Association of Realtors, 5% of home buyers during the first three quarters of 2020 were Black, compared to 4% in 2019. Despite a 1% increase, US Census data shows Black millennials raised the homeownership rate for African Americans more than two percentage points
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The point of raising the topic of reparations is to lure conservatives out onto the stage so they can be pelted with cabbages by the crowd for their racism.
Banking has a racist history in the US
Banking in the United States has a long history of racial injustice. In 1874, thousands of Black people saw their savings wiped out when Freedman s Bank collapsed. The government-chartered bank, started for newly freed Black Americans, promised to return some of the lost funds to customers, but most received nothing or pennies on the dollar.
Shawn Rochester, author of The Black Tax, told Insider that the Freedman Bank collapse bred distrust of banks among Black Americans.
Freedman s was marketed as a Black bank but actually run by white managers, Rochester explained. Those managers used Black customers money in risky ways, and lost a total of $3 million from 61,000 Black depositors, most of whom had been members of the Union Army.