In the more than 50 years since Dr. Martin Luther King, Jr. laid out his dream for our nation, black Americans have made substantial economic progress. They have seen significant gains in incomes and wealth, and currently benefit from the decade-long economic recovery from the Great Recession. However, black Americans still lag far behind in key measures of economic well-being. Although progress is evident, the United States still falls short of Dr. King’s vision of a nation in which race does not determine one’s economic destiny.

For millions of Americans, the promise of owning a home remains a cornerstone of the American Dream. Homeownership provides an avenue for accumulating wealth, promotes financial security, and plays a critical role in the development of family and community life. Yet, nearly a decade since the Great Recession ended, owning a home remains out of reach for many millennials (defined as those roughly between the ages of 22 and 37).