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First-gen homebuyers need support

(published in Commonwealth Magazine on March 29, 2019)
By Thomas Callahan and Symone Crawford
On campuses across the nation, a combination of guidance and financial assistance has sprung up to support first-generation college students. Academic institutions - big and small as well as public and private - have recognized the importance of giving first-gen students a leg up.
When it comes to homeownership, first generation buyers are left to compete with better resourced peers, many who can lean on family for advice and the “Bank of Mom and Dad” for money.

$8 is NOT a Typo!

$8. Not a typo. In last week's Boston Globe Spotlight Team series on race in Boston, this jumped off the screen. $8 is the median net worth of non-immigrant African-American households in the Boston area compared to $247,500 for white households. Other households of color have a net worth ranging from $0 to a high of $12,000. Differences in homeownership rates are the biggest contributor to these sobering figures.
 

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