Homeownership is the Key to Closing the Racial Wealth Gap in America

Wealth provides peace of mind for individuals and families.

Investing your hard-earned money on items that grow in value can increase your financial stability.

Owning a home helps Black families shrink the racial wealth gap in America.

 

Why Homeownership is Important?

According to the Pew Research Center, “in 2021, 62% of U.S. households lived in homes they owned as their primary residence.

But homeownership is less common among Black, Hispanic and multiracial households.

In 2021, 40% of Black households, 47% of Hispanic households and 45% of multiracial households owned their primary residence.

In the same year, 70% of White households and 58% of Asian households lived in homes they owned.”

 

The Pew Research Center provided data that reflected a median net worth of $166,900 for the average homeowner in 2021.

However, for people who didn’t own a home, the average net worth was $57,900.

Based on the information shown above, it’s important for Black Americans to understand that homeownership is truly the key to closing the racial wealth gap.

 

Where are Black Families Spending Money?

 

Nielsen IQ Insights indicate that African Americans are projected to have $1.8 trillion dollars of spending power in 2024.

The Insights reflect a large influence among African Americans in the retail marketplace, in areas, such as food, beauty, media and more.

Financial education is the key to reversing the racial wealth gap in America.

 

How Can Homeownership Level the Playing Field?

Buying a home is the foundational piece to accumulating wealth.

This first empowering step starts the process by directing your monthly housing payments to your mortgage company instead of your landlord.

Your mortgage payments might be lower than your monthly payments for rent.

This could mean that you have an additional $200 or more in your bank account each month.

Additionally, you’ll build home equity with every monthly mortgage payment, as your loan balance decreases.

However, if you continue to pay rent, you’ll have a place to stay, but your landlord will use your money to build wealth for his family.

Let’s level the playing field for your family.

 

Who Can Help Me Buy a Home?

Buying your first home is a big step that’s very rewarding.

Once you’ve achieved the American Dream of Homeownership, you’ll be proud of your accomplishment and the benefits, such as a stable monthly payment and your ability to make home improvements that you want.

The Black Brilliance Homeownership Team is here to assist you on your home buying journey.

We’ll discuss your needs, review your credit, examine your income and determine if you’ll qualify for a home loan.

Contact the Black Brilliance Homeownership Team – Apply online today!