“Inequality compounds in exactly the same way as interest..."

“Inequality compounds in exactly the same way as interest — small, nearly negligible differences accrue into significant gaps over time.”

Morgan Stanley estimates that the lack of access to homeownership has cost nearly 800,000 jobs, $400 billion in tax revenue and nearly five million from owning homes. This comes at the heels of a recent MIT Golub Center for Finance and Policy research showing that African American homeowners on average pay $67,320 more for their houses over their lifetimes because they pay slightly higher mortgage rates, mortgage insurance premiums, and property taxes on a monthly basis, which, if eliminated, would reduce the $130,000 black-white gap in liquid savings at retirement would by half.