Racial and Ethnic Inequality in Homeownership and Housing Equity

Wealth inequality, particularly in housing, has received increased attention in recent years for its importance to racial and ethnic stratification. Yet, while we know a fair amount about black-white wealth inequality, many questions remain regarding sources of Hispanic asset inequality. This article addresses this gap by examining racial and ethnic inequality in homeownership and housing equity among the pre-retirement population. Results support a stratification perspective of inequality for both blacks and Hispanics; even after accounting for numerous life-cycle, resource, and social-psychological considerations, blacks and Hispanics continue to lag significantly behind whites in housing wealth. While Hispanics initially appear better off than blacks with respect to housing, this is largely a function of their more favorable family structure. Important differences between blacks and Hispanics in the main contributors to housing inequality highlight the need to take a more multiethnic perspective on wealth stratification.