Is homeownership adding
to racial, gender disparity?
Re: “Financial sacrifices bigger for younger Bay Area home buyers” (Eastbaytimes.com, Nov. 18):
Homeownership is not boomers vs. millennials, but haves vs. have nots. The article’s author, Louis Hansen, calls out important differences between millennial and baby boomer down payment budgeting, but perhaps the more important distinction is between millennials who are buying homes and those who are not.
Every millennial homeowner I know either: Is older and got in before prices surged, or borrowed a down payment from family. Hansen quotes an agent who refers to it as “the bank of Mom and Dad.”
A closer look shows that millennials who are tech employees (mostly white and Asian males) and/or from wealthier families have an easier time buying homes. I’d be curious to see the same data Hansen reports, but with comparisons across millennial age brackets, race, gender and parental assets. I strongly suspect the bigger issue is not that millennials are having a harder time buying homes than their parents did, but that the market is egregiously perpetuating racial, socio-economic and gender disparities in homeownership.