By Anna Bahney, CNN Business Updated 9:00 AM ET, Sat October 10, 2020
Black Americans pay more than any other group to own a home, a disparity that contributes to roughly half of the $130,000 retirement savings gap between Blacks and Whites, according to new study from MIT. Black homeowners pay more in mortgage interest, mortgage insurance and property taxes than other homeowners, according to the paper by Edward Golding, executive director of the MIT Golub Center for Finance and Policy and co-authors, Michelle Aronowitz and Jung Hyun Choi.
The overall differences in mortgage interest payments ($743 per year), mortgage insurance premiums ($550 per year), and property taxes ($390 per year) total $13,464 over the life of the loan, which amounts to $67,320 in lost retirement savings for black homeowners
golding, Aronowitz and choi
This is an amazing paper, not at all hard to read. to my non-black friends, this is important reading. Download HERE. The first 2 pages are the most informative.