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386 315 4744
James@JamesJestes.com

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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 | Simplifying The Market

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):

Why Achieving the Dream of Homeownership Can Be More Difficult for Some Americans | Simplifying The Market

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.


GIVE ME A CALL AND LETS TALK ABOUT YOUR REAL ESTATE NEEDS – JAMES JESTES 386-315-4744

Most Recent MLS Listings Today

580 Rio Vista Avenue Daytona Beach FL 32114
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$799,000
3
BEDS
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TOTAL BATHS
1,841
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580 Rio Vista Avenue Daytona Beach, FL 32114
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Embrace the ultimate waterfront lifestyle in this stunning riverfront retreat, offering breathtaking views, deep-water access, and a private dock with a brand-new boat lift. This 3-bed, 2-bath, 1,841 sq. ft. home sits on 100 ft of deep water frontage

Listing courtesy of James Jestes of EXP Realty LLC
5458 St Regis Way Port Orange FL 32128
New Listing - 6 hours on site
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$525,000
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5458 St Regis Way Port Orange, FL 32128
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Welcome to your own piece of PARADISE in Port Orange, Florida!! This 4 Bedroom, 2 Bathroom, 3-Car Garage POOL home boasts impeccable curb appeal in a PREMIUM location. From your PAVERS driveway, continue up your pavers walkway to your glass front doo

Listing courtesy of Cole Zimmerman of Venture Development Realty, Inc
6211 Oak River Terrace Terrace Port Orange FL 32127
New Listing - 7 hours on site
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$489,900
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6211 Oak River Terrace Terrace Port Orange, FL 32127
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Must see 3 bedroom 2 bath pool home in wonderful Port Orange neighborhood. River Oaks is in the Spruce Creek Area surrounded by lovely family neighborhoods including Riverwood and Spruce Creek Estates. Great Port Orange Schools. Home features a be

Listing courtesy of Todd Heffington of Heffington And Associates
5988 Heron Pond Drive Port Orange FL 32128
New Listing - 11 hours on site
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$459,900
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5988 Heron Pond Drive Port Orange, FL 32128
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Welcome to this unique Montego model home! Located in a beautifully maintained gated community, this house is close to and zoned for A-rated schools. The extended front porch and extended garage are special features to this model home. The large scr

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Related posts:

  1. The Path To Homeownership Can Be Steeper for Some Americans
  2. Achieving the Dream of Homeownership
  3. The Dream of Homeownership Is Worth the Effort
  4. Americans Find the Nonfinancial Benefits of Homeownership Most Valuable

Posted in: Blog, First Time Home Buyers, For Buyers, Housing Market Updates

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James Jestes Broker Associate SRN Real Estate Pros

James Jestes


Broker Associate | eXp Realty
386-315-4744
James@JamesJestes.com
I'm Available Daily:
8:00AM to 8:00PM

Call, Text or E-mail!

"As an Associate Broker with eXp Realty, I am dedicated to helping families and individuals accomplish their real estate goals by providing dedicated service when buying or selling a home. I have served my country in the U.S. Army and the U.S. Marines; I bring that same sense of service and selflessness to every one of my customers."

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BUY AND SELL REAL ESTATE WITH JAMES JESTES

James Jestes Broker Associate SRN Real Estate Pros

James Jestes


Broker Associate | eXp Realty
386-315-4744
James@JamesJestes.com
I'm Available Daily:
8:00AM to 8:00PM

Call, Text or E-mail!

"As an Associate Broker with eXp Realty, I am dedicated to helping families and individuals accomplish their real estate goals by providing dedicated service when buying or selling a home. I have served my country in the U.S. Army and the U.S. Marines; I bring that same sense of service and selflessness to every one of my customers."

FEATURED LISTINGS

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SEARCH ALL OF THE GREATER DAYTONA BEACH AREA

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James Jestes, Your new favorite Realtor.

Hello my name is James Jestes and I am a Broker Associate with eXp Realty.  I am dedicated to helping you find your perfect new home. I’m a no hassle, no pressure agent here to help you accomplish your real estate goals. Please reach out to me and let me know how I can help you purchase or sell your home.

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James Jestes
eXp Realty
386-315-4744
James@JamesJestes.com

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