Benefits of Homeownership for the Black Community
Homeownership is an integral part of the American dream; for Black people, it is vital. For generations, homeownership has been an effective way to build multigenerational wealth. Owning a home also provides a sense of security and stability for Black families enabling black people to invest in their future.
Are You Ready For Homeownership?
Purchasing your first home can be a difficult process, especially if you are a first-generation homeowner with no prior examples of homeownership in your family. The page below will present you with facts and statics of black people who have achieved their goal of homeownership to demonstrate that for many prospective homebuyers, homeownership is within reach, and readiness is a matter of desire and preparation.
How Much Home Can you Afford?
• Estimate what house size and mortgage you can
afford with your current income.
• Break down your monthly payment plan w/ interest
The Importance of Understanding the History of Black Homeownership & Its Challenges
Homes in Black neighborhoods are valued roughly
lower than similar homes in neighborhoods with few Black residents
Source: Brookings Institute
Hurdles to Homeownership for Black Americans
In this flawed housing market, Mortgage Brokers help Black Homebuyers navigate these obstacles, to save the more money than any other borrowing group:
Estimate Your Payments
Testimonials from Black Homeowners
There is the accepted belief that being a homeowner is the most efficient and consistent way to amass intergenerational wealth. Even after centuries since the abolition of slavery, Black people are still struggling to become homeowners more than any other racial group.
vs. White applicant's Denial Rate of 13.5%
Black Mortgage Applicants experience Mortgage Denial
Source: Urban Institute
Despite the many strides made in recent decades towards equality, institutional and systemic racism and biases still continue to deny Black people access to homeownership, with nearly twice the mortgage denial rate of White homebuyers.
Appraisal Bias is an unfair assessment based on race, ethnicity, or national origin in the opinion of value rendered by a professional appraiser. Appraisal Bias of Black-owned homes has added up to over $235 billion in lost wealth in 2022 alone.
Homeownership in general is lower for Black Americans; having nearly 1/3 of viable homeowners forced to rent when compared to White Americans.
The disparity between the Black homeowners and their White counterparts has only grown in the last 40 years.
Feel free to reach out to us.
Mortgage Brokers Save Black Homebuyers Money
Want to know more? Find out how Brokers can help with these resources:
Source: US Census, 2022
• Budget accordingly, considering current expenses,
bills, other payments etc.