Closing the Gap in Today's Homeownership Rates
As we celebrate Black History Month, we reflect on the past and present experiences of Black Americans. This reflection includes Black Americans purchasing their own homes. While equitable access to housing has come a long way, homeownership can be a steeper climb for households of color. It’s an important experience to talk about, along with how working with the right real estate expert can make all the difference for diverse homebuyers.
We know it’s more challenging for some to buy a home because there’s still a measurable 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 an essential piece for building household wealth that can be passed down to future generations. It is important to be aware of the obstacles in the homebuying process, which can negatively impact people of color. If these obstacles are unknown, they can delay or prevent many from achieving homeownership, making it difficult to benefit from everything owning a home offers. 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.”
With the right support and resources, there are solutions if you’re part of this community and planning to buy a home. Jacob Channel, Senior Economist at LendingTree, shares:
“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.”
It’s important for diverse groups to have the right team of experts on their side throughout the homebuying process. The Just Say Home KC Team are professionals and experienced advisors, who understand the local market. They’re also compassionate allies who will advocate for your best interests every step of the way.
Access to housing in Kansas City improves every day, but there are still equity challenges that some buyers face. Connect with the Just Say Home KC Team today at 816-656-2816 to make sure you have an advocate on your side as you walk the path to homeownership.
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