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Black Americans Pay More For Homes Than Any Other Group: Study Finds
A new study from MIT has found that Black Americans pay more for homeownership than any other group.
Joe Raedle / Getty Images
The study, conducted by Edward Golding, executive director of the MIT Golub Center for Finance and Policy, reports that Black Americans pay more for mortgage interest, mortgage insurance, and property taxes than other homeowners.
The disparities are as follows: $743 per year in mortgage interest payments, $550 a year mortgage insurance premiums, and$390 per year in property taxes. All-in-all this accounts for a $67,320 loss in retirement savings for Black homeowners over 30 years.
“The small differences compounding over the life of the mortgage and during homeownership can add up,” writes Golding. “Even if it is a few hundred dollars a year here and there, it can amount to another year’s salary families would otherwise have.”
“While mortgage costs are determined by markets to some extent,” said Golding, “there is a great deal of public policy that influences these rates, especially as it impacts people of color. We can and should address these issues at a policy level and start now to eliminate the large wealth gap between Black and White homeowners that we created in part through our current mortgage system.”
Check out the paper for yourself here.
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Cardi B’s Baby Bombshell & Offset Split, Fans React to Double Dose of Drama!
Cardi B has announced she’s expecting her third child, taking to Instagram to share the joyous update. This exciting revelation comes on the heels of pregnancy speculation and a notable baby bump sighting. The news also follows Cardi’s recent filing for divorce from her husband of seven years, Offset.
Earlier this week, Offset was seen at a casino with his ex Pretty Redz, sparking rumors of infidelity, which he denies. However, a source tells Page Six that the split is due to the couple’s growing apart rather than any alleged cheating. Cardi is reportedly seeking primary custody of their children.
Social media is buzzing with reactions to Cardi’s news. While many fans are showering her with love and support, others are speculating about the impact on her upcoming album and wondering about the baby’s due date. Despite the changes in her personal life, Cardi remains upbeat, expressing gratitude and excitement for this new chapter. “With every ending comes a new beginning!” she shared, reflecting on her journey.
What’s your take on Cardi B’s pregnancy announcement and her split from Offset? Share your thoughts in the comments and stay tuned to Honk Magazine for the latest updates and fan reactions!
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Jennifer Lopez Clashes With Paparazzi in Fiery Hamptons Showdown, “Get Away from Me and the Kids!”
Jennifer Lopez was caught in a dramatic showdown with paparazzi during a recent Hamptons getaway with her children. The star’s frustration was palpable as she demanded photographers leave her and her kids alone, shouting, “Get away from me and the kids! Go away!”
The intense moment was shared by The Neighborhood Talk on Instagram, where Lopez’s fans quickly rallied to her defense. One commenter noted, “Y’all clearly hear her say ‘get away from me and the kids’… she’s just protecting her children.” Another added, “The internet’s been so harsh on her lately. Give her a break. This new generation is just weird.”
The incident followed a heartwarming Instagram post by Lopez featuring a sweet photo of her and her twins, Max and Emme, captioned, “My whole heart.” While Lopez was enjoying the East Coast, her husband, Ben Affleck, remained in Los Angeles. Meanwhile, Affleck’s daughter, Violet, recently visited Lopez on the East Coast.
In related news, Lopez has canceled her This Is Me… Live tour, which was set to include 30 summer shows. The cancellation, rumored to be due to sluggish ticket sales, was framed by Lopez as a need to focus on family. She assured fans, “I promise I will make it up to you and we will all be together again. I love you all so much. Until next time.”
Stay tuned for more updates on Jennifer Lopez right here at Honk Magazine!
