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In addition research has shown that regardless of

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Unformatted text preview: as education for their children. Parents who have not had a chance to pay off a mortgage may become dependent on their children in their retirement years and lack a valuable material resource to pass on to their children. In addition, research has shown that regardless of socioeconomic status children of homeowners are less likely to drop out of school, get arrested, or become teen parents than are children of families who are renters.2 2. Richard K. Green and Michelle White, Measuring the Benefits of Homeowning’s Effect on Children (Chicago: University of Chicago, Center for the Study of Economy and State, 1994). 16 Home Ownership Rates—2002 Black Source: Joint Center for Housing Studies, “State of the Nation’s Housing,” Harvard University (2003): 16. Latino White 0% 20% 40% 60% 80% Home Purchase Loan Application Denial Rates By Race—2000 Source: Federal Financial Institutions Examinations Council, Home Mortgage Disclosure Act Data. www.ffiec.gov/hmcrpr/ hm00table3.pdf Black Latino White 0% 10% 20% 30% 40% 50% Race has been and continues to be a valuable social, political, and economic resource for w...
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