How Experts Can Help Close the Gap in Today’s Homeownership Rate
We consider Black Americans' history and contemporary experiences as we observe Black History Month. This includes the road leading to purchasing a house of their own. While there has been progressing in ensuring equal access to housing, households of color may still face more significant obstacles to homeownership. It's vital to discuss this experience and how choosing the correct real estate professionals may make a huge difference for diverse homebuyers.
We are aware that certain people find it more difficult to purchase a home because there is still a discernible difference between the average homeownership rate in the United States and that of non-white groups. The Black population still has the lowest homeownership rate today (see graph below):
Building a household's wealth so that it can be passed down to future generations requires homeownership. But there are roadblocks in the home-buying procedure that may harm some groups. This makes it difficult for some people to take advantage of all that owning a house has to offer and might delay or prohibit them from becoming homeowners. According to a recent National Association of Realtors (NAR) report:
“. . . 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.”
If you live in this town and want to buy a house, there are alternatives available with the correct help and resources. Senior Economist of LendingTree Jacob Channel explains:
“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 is crucial that individuals of varied groups have the correct team of professionals on their sides during the home-buying process because of this. These experts are more than just knowledgeable counselors who provide the best guidance because they are familiar with the local market. They are also sympathetic allies who will fight for your interests at every turn.
Access to housing improves every day, but there are still equity challenges that some buyers face. Let’s connect to make sure you have an advocate on your side as you walk the path to homeownership.