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☆ First Gen Z congressman, Maxwell Frost, says he was denied an apartment in DC over bad credit
▼ + stars: | 2022-12-08 | by ( Juliana Kaplan | Kayla Gallagher | ) www.businessinsider.com time to read: +4 min

Gen Z Congressman Maxwell Frost tweeted Thursday he got denied from a DC apartment for bad credit. "Just applied to an apartment in DC where I told the guy that my credit was really bad. He's not alone: Credit card balances have been on the rise, especially for Gen Z, as the cost of living keeps soaring. But as Insider's Kevin L. Matthews II reported, there's a "credit gap" between Black and white borrowers, further powering the racial wealth gap. That can further the gap in homeownership rates between Americans of color and white Americans.

☆ Drug overdose deaths among seniors have more than tripled in two decades
▼ + stars: | 2022-11-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Deaths from drug and alcohol use are rising among America's seniors. Drug overdose deaths more than tripled among people age 65 and older during the past two decades while deaths from alcohol abuse increased more than 18% from 2019 to 2020, according to data published Wednesday by the National Center for Health Statistics. While some drug deaths among seniors are from accidental misuse of drugs, many are suicides from overdosing on opioids, Kuerbis said. Drug overdose deaths were highest among Black seniors. Alcohol deaths were highest among American Indian seniors followed by Hispanics, white Americans, Black Americans and Asian Americans, according to the data.

☆ Study suggests that HDL or ‘good’ cholesterol is less beneficial than previously thought, especially for Black adults
▼ + stars: | 2022-11-21 | by ( Deidre Mcphillips | ) edition.cnn.com time to read: +3 min

Also, higher levels of HDL cholesterol were not found to reduce the risk of cardiovascular disease for either group. “It’s been well accepted that low HDL cholesterol levels are detrimental, regardless of race. The researchers found that high levels of low-density lipoprotein (LDL) cholesterol and triglycerides “modestly” predicted heart disease risk among both Black and White adults. But they suggest that more work is needed to understand what’s driving the racial differences in the link between HDL and heart disease risk. And in the meantime, current clinical assessments for heart disease risk “may misclassify risk in Black adults, potentially hindering optimal cardiovascular disease prevention and management programs for this group,” they wrote.

☆ Elections 2022 shows the Latino vote moving to the right. Here's why.
▼ + stars: | 2022-11-17 | by ( Keith Humphreys | Keith Humphreys Is The Esther Ting Memorial Professor Of Psychiatry At Stanford University School Of Medicine. He Served As A Drug Policy Advisor In The Bush | Obama White Houses | ) www.nbcnews.com time to read: +5 min

In the five years prior to the pandemic, Hispanic median household income grew more than twice as much as whites. It follows that, just as people rarely consider quitting jobs or divorcing spouses that they like, they find political change unappealing when they are satisfied with their life situation. There are certainly many Hispanic Americans who are poor and oppressed, but there’s considerable evidence that many are doing better than ever. In this year’s entering class at the University of California, the largest racial and ethnic group is Hispanics. But it’s easy for political junkies to assume that most people follow political nuances closely, when in fact they don’t.

And Black women are often in their late 30s or early 40s when they start, older on average than white women. Black women are also twice as likely as white women to have fertility challenges, according to a 2008 study in Fertility and Sterility. He suggested that insurance coverage, awareness of the “biological clock” and partners’ attitudes toward fertility treatment may all play a role. Regina Townsend via Broken Brown Egg‘The myth assigned to us’National data identifying racial disparities in fertility care only recently became available when Seifer published his 2007 study. Doctors’ lack of knowledge about racial disparities in fertility treatment doesn’t surprise Townsend.

☆ First-time homebuyers are being shut out of the market like never before
▼ + stars: | 2022-11-03 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

First-time buyers made up just 26% of all homebuyers in the year ending June 2022, down from 34% the year before, according to NAR’s 2022 report on homebuyers and sellers. The median household income for first-time buyers slipped to $71,000 during the year ended in June, down from $86,500 in the previous 12-month period. “For first-time homebuyers, the lack of affordability is playing a key role in holding them back from homeownership,” said Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “With the rise of rents and how that is hitting first-time homebuyers, it impacts Black buyers more than it would any other group,” said Lautz. Lautz said the research showed buyers faced hard decisions to close the deal on a home they could afford.

The Supreme Court is scheduled to hear arguments in the two cases on Monday, with rulings due by the end of June. Blum's goal is for the Supreme Court to overturn its own precedents allowing race as a factor in admissions. Blum raised more than $8 million from 2015 to 2020 for Students for Fair Admissions, most going to covering legal fees. No Students for Fair Admissions members served as plaintiffs or testified in court in the Harvard and UNC cases as the group lost in lower courts. The Supreme Court in January agreed to hear appeals backed by Blum in both cases.

☆ People of color face higher risk of flu hospitalization as U.S. faces potentially severe season, CDC says
▼ + stars: | 2022-10-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

People of color are hospitalized with the flu at far higher rates than white Americans, according to a large multi-year study from the Centers for Disease Control and Prevention. Hospitalizations were 80% higher among Black adults than white adults, 30% higher among Native Americans, and 20% higher among Hispanics, according to CDC data. Vaccination rates were lower among people of color than white adults. During last year's flu season, vaccination coverage among white adults was 54% compared with 38% among Hispanics, 41% among Native Americans and 42% among Black adults. "Don't wait — get your new flu shot and your new Covid shot today.

☆ Indigenous Latino L.A. residents feel hurt, betrayed by racist remarks
▼ + stars: | 2022-10-13 | by ( Associated Press | ) www.nbcnews.com time to read: +7 min

But the disparaging remarks still deeply hurt the city’s immigrants from Oaxaca, which has one of Mexico’s large indigenous populations. Both growing up in their homeland and after reaching the U.S., they say they’ve become accustomed to hearing such stinging comments — not only from non-Latinos but from lighter skinned Mexican immigrants and their descendants. Martinez used a disparaging term for the Black son of a white council member and called immigrants from Oaxaca ugly. Los Angeles is home to the country’s largest Mexican population and nearly half the city of 4 million people is Latino, census figures show. Informal studies indicate several hundred thousand Oaxacan immigrants live in California, with the largest concentration in Los Angeles, said Gaspar Rivera-Salgado, director of the University of California, Los Angeles Center for Mexican Studies.

☆ These are the wealthiest US states, according to a new report — and a wealth tax on the country's richest would raise $415 billion
▼ + stars: | 2022-10-13 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

That family is already effectively paying a wealth tax in their local property tax bill every year on the home that they own," Davis said. Once they're sold off, they're subject to the capital gains tax, which is much lower than the straightforward income tax most Americans pay on their paychecks. If wealth over $30 million there was subject to a 2% wealth tax, it would bring in $88 billion. According to the report, at the national level, a 2% wealth tax on those with over $30 million could bring in about $415 billion. "We've seen a big rise in extreme wealth, partly because we tax that wealth so lightly, if at all," Davis said.

☆ Why it's getting even harder to keep a roof over your head
▼ + stars: | 2022-09-22 | by ( Anna Bahney | Cnn Business | ) edition.cnn.com time to read: +6 min

Americans are now spending more than 35% of their median income on monthly principal and interest payments for that newly purchased median-priced home. Historically, Americans spent closer to 25% of median income on payments. Instead, mortgage rates tend to track the yield on the 10-year US Treasury. As investors anticipate the Fed's rate hikes, they often sell government bonds, which sends the yield higher and, with it, mortgage rates. In May, the Biden administration announced a Housing Supply Action Plan to close the affordability gap and ease housing costs.

☆ How the mind of an 80-year-old president is biologically different from a 45-year-old president's
▼ + stars: | 2022-09-13 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +23 min

It was 1988, and he'd approached President Ronald Reagan in the Cabinet room at the White House. People scoffed at the glowing hourlong media conference that President Donald Trump's White House doctor gave about his health. Reagan publicly announced he had Alzheimer's disease five years after he left the White House. Francis Shen, who teaches psychiatry at Harvard Medical School's Center for Bioethics, would like to see information about political leaders' cognitive health made public. Cognitive health should be no different, he said, because it also might affect the way presidents and members of Congress make important decisions.

The House of Representatives on Friday voted for the second time on a bill to decriminalize cannabis. US lawmakers just voted for the second time to federally decriminalize cannabis. Among the Republicans who voted for the bill were Florida Rep. Matt Gaetz, California Rep. Tom McClintock, and Florida Rep. Brian Mast. Two Democrats voted against the bill: Rep. Chris Pappas of New Hampshire, and Rep. Henry Cuellar of Texas. It was updated on April 1, 2022 when the House of Representatives voted to pass the MORE Act a second time.

Without a good credit score, buying a home or borrowing money is more difficult, holding Black Americans back from building wealth. To understand the impact that credit scores have on the racial wealth gap, it is important to understand the history of the credit system. On a 30-year, $200,000 mortgage with a FICO credit score between 700 and 759, one could expect to receive a 2.56% interest rate. But a person with a credit score between 660 and 679 could end up paying an additional $14,914 — 677 is the average credit score for African Americans compared to white Americans at 734. Indeed, the credit gap is just another symptom of systemic racism, and finding ways to achieve parity in employment and wages would go a long way to closing the credit gap.

Gerald Grant Jr. and Gerald Grant III are financial advisors in Miami and coauthors of a new book about building generational wealth. This article is part of "Money That Lasts," an ongoing series about generational wealth from Personal Finance Insider. In conversation with Business Insider, Gerald Grant Jr. and Gerald Grant III, father-son financial advisors at Equitable Advisors in Miami, said there are at least two ways Black Americans can start building wealth for themselves and their kids today. Income also appears to be a key factor in stock-market participation for Black Americans, according to a survey by Ariel Investments in 2015. About 57% of Black Americans earning between $50,000 and $100,000 were invested, while 81% earning $100,000 or more were invested.

The racial wealth gap in America is well-documented, but there are steps we can take now to help close the gap — including encouraging Black Americans to invest more. In the US, Black Americans tend to invest at lower rates than white Americans, reducing Black Americans' opportunity to build wealth. There has been some progress related to investing in recent years, and the racial investing gap seems to be shrinking. That means the existing racial wealth gap can then feed into the investing gap. Research has found that Black Americans also tend to take fewer financial chances when compared to white Americans.

☆ When homeowners associations were first created, they helped keep Black people out of the neighborhood. They're still doing it today.
▼ + stars: | 2020-09-18 | by ( Mariette Williams | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +8 min

Today, HOAs are majority white and Asian, and Black homeowners say they experience targeted discrimination and harassment by their HOAs. Black homeowners say they're targeted by HOAsWhile the federal Fair Housing Act was passed in 1968, prohibiting racial discrimination in the sale and rental of homes, HOAs still find ways to exclude or discriminate against Black homeowners. HOA discrimination can also look like preferential treatment of white homeowners. While some accusations of HOA discrimination can be considered circumstantial, many HOAs still have "racially restrictive" language in their documents. Homebuyers may not have the funds to hire a lawyer, and HOA discrimination is often hard to prove.

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Activists say that changing single-family zoning laws and taxing owners of vacant properties can help to create more affordable, accessible housing. Preventing gentrification through zoning and other housing regulationsKing Williams has seen the consequences of gentrification in urban Atlanta firsthand. Some cities are already starting to alter their residential zoning laws. Kate Brown (D) signed a law requiring Oregon cities with more than 1,000 residents to allow duplexes in areas that were previously zoned exclusively for single-family homes. Dedman said the way to protect residents from gentrification is to first decrease the number of properties that sit empty.

The National Bureau of Economic Research found that when it comes to approving a loan application, online lenders are 40% less likely to discriminate than mortgage lenders who meet with applicants face-to-face. However, online lenders still tend to discriminate based on neighborhoods and shopping behavior, which affects interest rates. AdvertisementUnlike in-person lenders, the research showed online fintech lenders don't discriminate when it comes to approving a loan application. Fintech lenders still discriminate less frequently than non-fintech lenders, though. In this case, you will likely have to meet someone in person, even if you're using an online lender.

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