Report: Black homebuyers more likely to be denied mortgages in metro Detroit
Mortgage applications from Black homebuyers in metro Detroit were more likely to be denied, with nearly 40% of Black applicants facing rejection, compared with 18% of white homebuyers.
That’s according to a report released last week looking at the barriers to homeownership and wealth building in Detroit. The analysis is part of a broader project in 10 American cities. Researchers from the Urban Institute, a Washington, D.C.-based nonprofit research organization, honed in on Detroit’s homeownership trends before the COVID-19 pandemic, and the majority-Black city’s recovery from the Great Recession.