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Diversity & Inclusion: Effects on Homebuyers

by  | Corporate
Posted:     Updated: Feb 26, 2016  13:59 ET
 
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Diversity & Inclusion: Effects on Homebuyers

Diversity and Inclusion (D&I) is receiving more attention in the business world, as a greater number of companies are increasing their efforts to include women and minorities in their workforce. A recent study, Women in the Workplace, conducted by LeanIn.org and McKinsey & Company reveals disappointing results; it shows that the American corporate world is nowhere near achieving gender equality.

The study analyzed 118 companies, 30,000 employees, and reveals that over the past three years, there was only a meager increase of 0.9 percent in the number of C-Suite women; as the report asserts, at this rate it will take women at least 100 years to match men in similar roles, and at least 25 years to match men even in senior vice presidential positions.

The inequality endured by women and minorities can be seen in various segments, from employment to purchasing power. A recent study published by the Journal of Real Estate and Finance Economics reveals that there is a vast difference in the interest rates charged to African-American and white homebuyers.

The report assessed the demographic traits and mortgages of over 3,500 households during the housing boom and found that on average, African-American borrowers were charged between 0.29 and 0.31 percentage points more than white borrowers, and African-American women paid the maximum rates among all. This translates to African-American men and women paying thousands of dollars more over the course of their loan than white men and women.

Apart from this disparity in interest rates, there is also a huge difference in the number of Caucasian and minority homebuyers. The 2015 Profile of Home Buyers and Sellers from the National Association of REALTORS (NAR) reports that 85 percent of homebuyers from July 2013 to June 2014 were white, with the remaining 15 percent being divided equally among Hispanics, African-Americans and Asians.

Various circumstances impede homeownership, especially among ethnic groups and we need to rectify the situation to help our diverse population of potential homebuyers achieve the dream of homeownership. View the complete article here.

Topics: Residential lending | Commercial lending
More by: National Association of Women in Real Estate Businesses

 

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Diversity & Inclusion: Effects on Homebuyers

by National Association of Women in Real Estate Businesses | Corporate
Posted: Feb 26, 2016  13:58 ET    Updated: Feb 26, 2016  13:59 ET

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