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

June 20, 2022
Today we take time to honor and recognize Black Americans’ past and present experiences. 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 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): Why Achieving the Dream of Homeownership Can Be More Difficult for Some Americans | MyKCM This graph indicates a gap in the percentage of people in each community who can 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, certain racial and ethnic groups, especially the Black community, still face obstacles. 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 home buying 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. They can point you to important resources and tools to 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 ensure you have an advocate on your side to help you achieve your dream of homeownership.
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Residential For Sale

65 Belmont Avenue, East Providence, Rhode Island 0214

Century 21 The Seyboth Team
2Bedroom(s)
2Bathroom(s)
No GarageParking(s)
17Picture(s)
1,250Sqft
This fully renovated colonial offers A brand-new open kitchen with updated cabinets, granite counter tops and new appliances! The kitchen flows into the open living room and separate dining area! First full bathroom is also located on the main level! This move-in ready home also Offers 2 spacious bedrooms on the second level with great sized closets and wall to wall carpeting! Full partially finis
$325,000

Residential For Sale

29 Regnaire Court, West Warwick, Rhode Island 02893

CALDWELL REALTY LLC
3Bedroom(s)
1Bathroom(s)
No GarageParking(s)
25Picture(s)
1,404Sqft
Last house on a quiet dead end street. Lots of potential in the sizable yard equipped with a nice fire pit. Enjoy the deck all summer or walk up into the three-season room if it starts to rain. A finished basement with space for an office really ties the package together on this property. A few finishing touches and some sweat equity would really make this place shine.
$285,000

Residential For Sale

363 Sargent Street, Warwick, Rhode Island 02888

Key Real Estate Services
2Bedroom(s)
1Bathroom(s)
GarageParking(s)
36Picture(s)
1,134Sqft
This Warwick gem offers: repaved driveway, new paint in and out, deck under 2 years old, new fence, brand new kitchen (cabinets, beautiful butcher blocks as counter tops and new appliances). All around new bathroom! All new carpets, fixtures and redone hardwood floors throughout. Not to mention the amazing and convenient location.
$275,000

Residential For Sale

20 Shirley Drive, Cumberland, Rhode Island 02864

Re/Max Bell Park
3Bedroom(s)
2Bathroom(s)
Garage Door OpenerParking(s)
17Picture(s)
2,336Sqft
Welcome home to this well-maintained Ranch on a corner lot.
$425,000

Land For Sale

12 Brush Hill Road, Providence, Rhode Island 02909

RE/MAX Innovations
0.09Acre
A Vacant Lot located in the lower Mount Pleasant area of Providence. Lot is zoned R2. Seller has survey, Providence Water, Narragansett Bay, and DPW approvals in hand. Buyer must do all due diligences.
$75,000

Residential For Sale

81 Narragansett Avenue, Narragansett, Rhode Island 02882

HomeSmart Professionals
5Bedroom(s)
2Bathroom(s)
No GarageParking(s)
44Picture(s)
1,740Sqft
Investors take notice! This turn-key 5/6 bedroom, 2 bathroom property is located in the heart of the Pier, only 0.4 miles to Narragansett Town Beach. Wake up to the smell of salty sea air and enjoy a short 5-minute walk or 1-minute drive to the beach. The large fenced-in backyard and screened-in porch are perfect for family gatherings.
$1,250,000
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