• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Search
    • Search All Listings
    • Search by Map
    • Featured Listings
    • New Listing Alerts
    • Neighborhoods
    • Login / Register
  • Services
    • Our Ultimate Marketing Guide
    • $1995 Listing Fee
    • We Buy Houses
    • Guaranteed Offer
    • Investor Services
    • Property Management
  • About
    • About Us
    • Our Team
    • Testimonials
  • Contact
  • Home
  • Search
    • Search All Listings
    • Search by Map
    • Featured Listings
    • New Listing Alerts
    • Login / Register
  • Services
    • Our Ultimate Marketing Guide
    • $1995 Listing Fee
    • We Buy Houses
    • Guaranteed Offer
    • Investor Services
    • Property Management
  • Neighborhoods
  • Buyers
  • Sellers
  • Market Reports
  • Blog
  • Documents
  • Podcast
  • About
    • About Us
    • Our Team
    • Join Our Team
    • Testimonials
  • Contact
You are here: Home / Home Buyers / Why Achieving the Dream of Homeownership Can Be More Difficult for Some Americans

Why Achieving the Dream of Homeownership Can Be More Difficult for Some Americans

June 20, 2022 by Angelina Flores

Today we take time to honor and recognize the past and present experiences of Black Americans. When it comes to real estate specifically, equitable access to housing has come a long way, but the path to homeownership is still steeper for households of color.

The Gap in Homeownership Rate in America

It’s a more challenging journey to achieve homeownership for some buyers, as shown by the measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Census data shows the lowest homeownership rate persists in the Black community (see graph below):

This graph clearly indicates there’s a gap that still exists in the percentage of people in each community who are able to achieve homeownership. 

How Homeownership Impacts Household Wealth 

One of the challenges that could make buying a home harder for these groups is how difficult it can be to accumulate wealth. Even today, there are obstacles certain racial and ethnic groups, especially the Black community, still face. A recent article from NextAdvisor explains:

“The median Black household earns 61 cents for every dollar earned by a comparable White household, according to the Economic Policy Institute. This not only makes it more difficult to afford a home, but also to accumulate and pass on generational wealth.”

This can delay or prevent many from achieving homeownership, challenging their ability to grow their net worth and build wealth that can pass down to future generations – a point that’s clear in a 2022 report from the National Association of Realtors (NAR):

“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. At $188,200, the net worth of a typical white family was nearly 8 times greater than that of a Black family ($24,100) in 2019.”

It’s important to talk about the experience Black homebuyers may have and the challenges they may face as they pursue their dream of homeownership. The inequity that remains in housing can be a point of pain and frustration. That’s why it’s so important for members of diverse groups to have the right team of experts on their sides throughout the homebuying process.

These professionals aren’t only experienced advisors who understand the market and give the best advice. They’re also compassionate allies who will advocate for your best interests every step of the way. They can point you to important resources and tools that can help you throughout your journey to homeownership.

Bottom Line

Opportunities in real estate improve every day, but there are still equity challenges that many face. Let’s connect to make sure you have an advocate on your side to help you achieve your dream of homeownership.

Filed Under: Home Buyers, Market Reports Tagged With: americans, black americans, home buying, homeownership, real estate

Primary Sidebar

Sandra Watkins & John Marion headshot

Sandra Watkins

770-324-3680
Contact Sandra

John Marion

703-371-9548
Contact John

New Listing Notifications

Details

What's Your
Home Worth

Details
"Tiffany is the absolute best!! She knows the area better than anyone around. She went above and beyond for us for every single thing we needed, and we... full testimonial"
- Elizabeth E.
Testimonials
Follow Us On Instagram
Katie's hard work and following her business plan Katie's hard work and following her business plan is paying off. Keep up the great work! #innovativepropertiesgroup #remaxtownandcounty #katiebobbitt #topsellingagentacworth
Schedule a call to kickstart your real estate care Schedule a call to kickstart your real estate career.
https://calendly.com/sandrawatkins/kickstart-my-real-estate-career
Another one sold by Innovative Properties Group. F Another one sold by Innovative Properties Group.
Full time agents loving what they do. 
#innovativepropertiesgroup #sandrawatkins #remaxtownandcountry #topsellingagents
We hope you have a wonderful birthday! Go do somet We hope you have a wonderful birthday! Go do something fun!
Real estate #1 best investment. #homeowners #inves Real estate #1 best investment. #homeowners #investors #landlords #wealth #capital

Footer

company logo company logo
Innovative Properties Group
102 Overlook Circle Ste A
Canton, GA 30115-7432
770-324-3680
703-371-9548
Contact Us

Join OurNewsletter

Never miss a thing.

This field is for validation purposes and should be left unchanged.

sitemap   •   admin   •   ©2022 All Rights Reserved  •  Real Estate Website Design opens in new window by IDXCentral.com