This is one of the most ignorant posts I’ve read on this website, and I frequently read the Crypto threads.
Homeownership is the best way to build wealth for most people. There’s nothing wrong with renting, but it won’t build wealth.
https://www.usatoday.com/story/money/personalfinance/real-estate/2023/04/18/homeowners-wealth-vs-renting-housing-market/11683922002/
https://www.huduser.gov/publications/pdf/wealthaccumulationandhomeownership.pdf
What it has to do with race?
The Federal Government denied racial groups the ability to get a loan and thus build wealth. “The FHA began redlining at the very beginning of its operations in 1934, as FHA staff concluded that no loan could be economically sound if the property was located in a neighborhood that was or could become populated by Black people, as property values might decline over the life of the 15- to 20-year loans they were attempting to standardize.”
https://www.federalreservehistory.org/essays/redlining#:~:text=The FHA began redlining at,20-year loans they were
Minority races, especially Blacks, were denied the same generational wealth white Americans earned through home ownership and their ability to get a loan. (Women too, but that’s a whole different story)
https://www.businessinsider.com/how-redlining-kept-black-americans-from-homeownership-and-still-does-2020-6#what-it-meant-to-live-in-a-green-blue-yellow-or-redlined-neighborhood-and-what-that-means-today-2
“Over the last 40 years, per Redfin, homeowners in redlined neighborhoods have earned 52% less in home equity.”
Lenders actually cared what your race was, it was literally written in the manuals.
Oh, and there are still problems today, even with laws specifically outlawing it (Wells Fargo is particularly bad)
https://www.justice.gov/opa/pr/justice-department-reaches-settlement-wells-fargo-resulting-more-175-million-relief
https://www.usatoday.com/story/money/2022/04/26/wells-fargo-being-sued-discriminating-against-black-borrowers/7451521001/
https://www.forbes.com/sites/shaunharper/2023/01/13/31-million-to-black-and-latino-communities-in-largest-ever-housing-discrimination-lawsuit/?sh=1370310f2b3c