How Experts Can Help Close the Homeownership Gap Today
We reflect on the past and present experiences of Black Americans as we observe Black History Month. This includes the path toward purchasing their own home. While equity in housing has come a long way, homeownership can be a more difficult road for people of color. It's an important experience to discuss, as well as how working with the right real estate experts can make all the difference for diverse homebuyers.
We know that it is more difficult for some people to buy a home because there is still a significant gap between the overall average U.S. homeownership rate and that of non-white groups. Today, the lowest homeownership rate persists in the Black community (see graph below):
Homeownership is a key part of building wealth that can be passed down from one generation to the next. However, there are obstacles in the homebuying process that can negatively impact certain groups. This can make it harder or impossible for many people to buy a home, making it harder for them to get all the benefits of owning a home. A recent report from the National Association of Realtors (NAR) explains:
“. . . not all [households] have the same opportunities to homeownership, with many of them facing more constraints in their effort to achieve the American Dream. . . . Given that homeownership contributes to wealth accumulation and the homeownership rate is lower in minority groups, data shows that the net worth for these groups is also lower.”
“The problem does exist. We have data that back that up. But there are solutions, and Black homebuyers shouldn’t lose faith that they’ll never be able to become homeowners.”
That’s why it’s so important for members of diverse groups to have the right team of experts on their side throughout the home-buying process. These professionals aren’t only experienced advisors who understand the local market and give the best advice. They’re also compassionate allies who will advocate for your best interests every step of the way.
Every day, access to housing improves, but some buyers continue to face equity challenges. Let's connect so you can have an advocate on your side as you pursue homeownership.