Addressing racial inequities in real estate through education and outreach

John L. Scott Chairman & CEO J. Lennox Scott penned a second article for Inman.com about diversity, equity and inclusion. See below for an excerpt and link to the piece online!

Inman | J. Lennox Scott

Among the many impacts of the pandemic and economic crisis in 2020 was a renewed focus on racial inequality in the U.S. The monetary and health consequences of COVID-19, as well as the accompanying sharp recession, fell far harder on people of color and brought to light even more forcefully what we already knew: financial security is more difficult to achieve for Black families than for white families. A variety of programs to close this gap are already underway by businesses, government entities and nonprofit organizations and we intend to contribute to that effort.

[…] A home is typically the most important way a family builds wealth. Federal Reserve data in 2020 found that the average net worth of a homeowner is more than 40 times greater than that of the average renter. An essential piece of the wealth gap between races is that the national homeownership rate for white families is nearly 74%, while the homeownership rate for Black families is just 44%.

Read the piece online: Addressing racial inequities in real estate through education and outreach