Owning a home is still considered the primary way to get a piece of the American dream by many black Americans, but many also believe that not only is it currently out of reach, but will be increasingly harder to achieve for themselves and their children, according to a survey by Fannie Mae.
Nearly 62 percent of African-Americans surveyed said they still preferred to own a home despite the difficult economy, but 19 percent of those currently renting said the economy will force them to delay purchasing a home.
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Seventy-three percent of African-Americans also said they thought it would be difficult for black buyers to get a loan, compared with the general population, and 61 percent believe it will become even more difficult for their children to buy a home. In fact, most respondents, overall, believe it will be harder for them to own a home than it was for their parents.