VISION

something that some people want,” Carlson said. “But I don’t think everybody wants or needs to buy a home.” experience was not rare. Black and Latino mortgage applicants get lower appraisal values than the contract price more often than White applicants, according to the study. e study found that, based on over 12 million appraisals from Jan. 1, 2016 to Dec. 31, 2020, 8.6% of Black applicants receive an appraisal value lower than contract price, compared to 6.5% of White applicants. In the study, Freddie Mac said it would be valuable to conduct further research to understand why this gap exists.

Others are holding onto the old idea. Bankrate found that homeownership remains a persistent part of the American dream. Homeownership is the “most-mentioned milestone” for Americans 26 and older, but younger Americans see it as less important.

Gen Z, aged 18-25, doesn’t rank it as the top accomplishment like older Americans tend to.

Gen Z member Caitlyn Aldersea, a student at the University of Denver, is representative of the changing attitude.

In a report by the National Fair Housing Alliance, however, personal stories like that of Gill’s clients make the case that the appraisal gap comes from racial or ethnic discrimination.

She remembers as a young child how the Great Recession that began in 2007 a ected her family.

“ e American dream today is much di erent than how my parents thought of it,” Aldersea said. “Today, it’s more based on what can be accomplished. It’s not shooting for the stars anymore.”

Aldersea’s personal de nition of the American dream includes a ful lling career, opportunities to be part of a community that one is able to give back to and the freedom to pursue personal interests. She believes housing should be attainable for everyone, but doesn’t think it de nes success or happiness.

Aldersea doesn’t envision ever becoming a homeowner. One reason is that she wants to be able to relocate as she pursues her career goals. Another

One of these stories, originally reported by the Washington Post, was about a mixed-race couple in Denver. An appraiser greeted by the White wife valued the house at $550,000, whereas one greeted by the Black husband valued it at $405,000. e lower value appraisal report explicitly compared the home to others in a nearby predominantly Black neighborhood, even though that’s not where the house was located.

Since 1968, housing discrimination based on race has been illegal under the Fair Housing Act. Nine years before that federal law was signed, Colorado was the rst state to pass its own fair housing laws, according to the Colorado Housing and Finance Authority.

Although it is illegal, discrimina- is that she wants to travel and pay o student loans.

“I don’t think my wage or salary will ever help me a ord a house or mortgage,” Aldersea said. “A house would not be the only thing I’d have to focus on nancially.” tion in housing based on race or color still happens, according to the Department of Justice. e department has led cases related to lending discrimination, including a 2012 Wells Fargo case in which the bank was forced to pay a settlement for its pattern of discrimination against quali ed Black and African American and Hispanic and Latino borrowers. ere are e orts to change the process. According to the Urban Institute, a nonpro t research organization, 89% of all property appraisers and assessors are White while only 2 percent are Black and 5 percent are Hispanic. Addressing the lack of diversity in the profession could

Time will tell whether homeownership will eventually become more important to younger Americans. According to Bankrate, the pull to own a home remains strong. Fifty-nine percent of Gen Z members want to own a home as a life goal, second only to having a successful career (60%).

For other generations, homeownership remains the top life goal and the likelihood of that increases with age. Eighty-seven percent of older adults, aged 68 and up, cite homeownership as integral to the American dream.

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