Black Wealth Development.....Black Homeownership
As I look around within the black community I notice there a lot of individuals that are not driven to be a homeowner. Some in fact spend a lifetime renting and investing their money in someone else's property. Based on the US Census Bureau Black homeownership rates remain lowest in the US.
The image below gives the specific data.
My question is why? Why are we as a race content with being renters?
Data on Black homeownership
The data shows that the black community is not better off in 2021 than we were in the 1960's when there was segregation.
Since segregation ended we were allowed to move out into other neighborhoods and which gave us more living options. I wonder if that played a role in these circumstances. In the last 60 years we have gain better careers making more money but yet it's not reflected in our choices of either to rent or to own.
Rent vs Own:
Where do you fall...are you building your wealth or your landlords wealth?
Questions to ask yourself:
Will you qualify for a mortgage?
Can you afford closing cost?
Are you up for maintenance?
Is it important to renovate?
There are a lot of steps one must take in order to purchase a home but there are also many benefits from being a homeowner. Below is a visual of what those rewards and benefits are.
After knowing the benefits it's good to know what steps one must take to buy a home. Below is visual of what those steps might look like.
Homeownership is extremely important because it is a source to create generation wealth. Generational wealth refers to any kind of asset that families pass down to their children or grandchildren, whether in the form of cash, investment funds, stocks and bonds, properties or even entire companies. Black wealth development is dependent on homeownership.
I would encourage any renters to take the necessary steps to plan for homeownership and add to your net worth.