Tami Savage, Realtor

Your Key to a New Lifestyle

  • Search for Homes
  • Blog
  • About
  • Contact
  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

The Path To Homeownership Can Be Steeper for Some Americans

February 9, 2022 By Tami Savage

The Path To Homeownership Can Be Steeper for Some Americans

As we celebrate Black History Month, we honor and recognize the past and present experiences of Black Americans. A significant part of this experience is investing in a home of their own. While equitable access to housing has come a long way, the path to homeownership is still steeper for households of color. It’s an important experience to talk about, along with how working with the right real estate experts can make all the difference for diverse homebuyers.

We know it’s a more challenging journey to achieve homeownership for some because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, the lowest homeownership rate persists in the Black community (see graph below):

Homeownership Rate

Homeownership is an essential piece for building household wealth that can be passed down to future generations. However, there are obstacles in the homebuying process that can negatively impact certain racial and ethnic groups, including the Black community. This can delay or prevent many from achieving homeownership, challenging their ability to grow their net worth. A report by Vanessa G. Perry of the George Washington University School of Business and Janneke Ratcliffe of the Urban Institute explains:

“. . . households of color have much lower homeownership rates than white households and consequently hold, at the median, just one-eighth the wealth of white households.”

On top of that, when Black households do become homeowners, research shows they pay more for those homes overall than the average household. Raheem Hanifa, a Research Analyst for the Joint Center for Housing Studies of Harvard University, tells us:

“Black homeowners not only have primary mortgages with higher interest rates than white homeowners with similar incomes, they also have higher interest rates than white homeowners with substantially lower incomes, . . . Black homeowners have experienced systemic barriers to homeownership and wealth-building opportunities that have limited their ability to access credit, which is a key component in receiving low mortgage interest rates.”

For Black homebuyers, 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.

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 as you walk the path to homeownership.

Tagged With: Demographics, First Time Home Buyers, For Buyers, Housing Market Updates

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Free eGuide. Things to Consider When Buying a Home. Send me this eGuide.

Free eGuide. Things to Consider When Selling Your House. Send me this eGuide.

A Guide to Buying Your First Home. Send me this eGuide.

Tags

Baby Boomers Buying Myths Community Demographics Distressed Properties Downloadable Down Payments First Time Home Buyers Forbearances For Buyers Foreclosures For Sale By Owners For Sellers FSBOs Garden Generation X Generation Z Gen X Gen Z Holidays Home Household Management Housing Market Updates Infographics Interest Rates Interview Investors Lifestyle Luxury Market Millennials money Move-Up Buyers moving New Construction Pricing relocation Remodel Rent vs Buy Report Reviews Selling Myths Senior Market Short Sales Veterans Video

Free eGuide. Things to Consider When Selling Your House. Send me this eGuide.

Free eGuide. Things to Consider When Buying a Home. Send me this eGuide.

Tags

Baby Boomers Buying Myths Community Demographics Distressed Properties Downloadable Down Payments First Time Home Buyers Forbearances For Buyers Foreclosures For Sale By Owners For Sellers FSBOs Garden Generation X Generation Z Gen X Gen Z Holidays Home Household Management Housing Market Updates Infographics Interest Rates Interview Investors Lifestyle Luxury Market Millennials money Move-Up Buyers moving New Construction Pricing relocation Remodel Rent vs Buy Report Reviews Selling Myths Senior Market Short Sales Veterans Video

Designations & Certifications

🏠✨ Why wait until next year to sell your home 🏠✨ Why wait until next year to sell your home? Here's what you need to know:
 • Serious buyers are actively searching right now.
 • The limited supply of homes means yours could stand out.
 • Holiday season could bring more flexible showing schedules.

Thinking of selling? DM me and let’s strategize the best plan for your home.

https://tamisavage.com/3-reasons-to-sell-your-house-before-the-new-year-infographic/
🏠💖 Home is where the heart is; for Gen Z and 🏠💖 Home is where the heart is; for Gen Z and millennials, it's a dream worth chasing. Surveys show that owning a home still tops the list of life goals for many in these generations.

Beyond the investment, it’s about creating a space that's truly yours. 🎨 Facing challenges like high mortgage rates and low inventory? I'm here to guide you every step of the way. 🗝️

DM me to embark on your home-buying adventure. Let’s make your dream home a reality! 💭

https://tamisavage.com/is-owning-a-home-still-the-american-dream-for-younger-buyers/
🔮🏠 Wondering about the recession and its imp 🔮🏠 Wondering about the recession and its impact on housing? Good news! Less than half of economists now see a recession coming soon.

Low unemployment rates mean a stable housing market, with no signs of a foreclosure wave.

Got questions about the market and your home? DM me for a chat – let’s dive into the details together.

https://tamisavage.com/why-the-economy-wont-tank-the-housing-market/
🏡✨ Discover the joys of homeownership! Our la 🏡✨ Discover the joys of homeownership! Our latest infographic highlights three major reasons to be thankful for owning a home:

1. Your personal safe haven.
2. A space that reflects YOU.
3. A community of friends and neighbors.

Ready to find your dream home? DM me to start your journey!

https://tamisavage.com/why-homeowners-feel-thankful-for-their-homes-infographic/
Home is where the heart is, and homeowners know it Home is where the heart is, and homeowners know it best! 🏠💖 Here's why many are thankful:

🕊️ A sanctuary of peace.
🎨 Your personal expression zone.
🤗 A community connector.
🎉 A memory maker.

Ready to find your own slice of happiness? DM me to start your home-buying journey.

https://tamisavage.com/why-homeowners-are-thankful-they-own/
🍁 Home prices got you puzzled? It's all about s 🍁 Home prices got you puzzled? It's all about seasonality! 📊 While some say prices are dropping, the truth is, they're just following the usual yearly pattern.

🌸 𝐒𝐩𝐫𝐢𝐧𝐠 = Peak demand
☀️ 𝐒𝐮𝐦𝐦𝐞𝐫 = High activity
🍂 𝐅𝐚𝐥𝐥/𝐖𝐢𝐧𝐭𝐞𝐫 = Slower growth

It's normal, and it's happening now. No drastic drops, just a more moderate rise. For the real scoop on local home prices and how this impacts your plans, DM me.

#HomePrices #MarketSeasonality #RealEstateFacts #DontBelieveTheHype #HomeBuyingAndSelling
Feeling lost in the housing market buzz? 🌐 Let’s break down the big three questions:
📈 Mortgage Rates: Expected to stabilize as inflation eases.
🏠 Home Prices: Still growing, but at a more normal pace.
💬 Recession Talk: Becoming less likely according to experts.

Navigating the market doesn’t have to be confusing. DM me to discuss your real estate plans as we approach the new year.

https://tamisavage.com/are-the-top-3-housing-market-questions-on-your-mind/
📈 Home inventory update! While there's a bit mo 📈 Home inventory update! While there's a bit more on the market now, we're still far from pre-pandemic levels.

𝐓𝐡𝐢𝐧𝐤𝐢𝐧𝐠 𝐨𝐟 𝐛𝐮𝐲𝐢𝐧𝐠? More options, but stay ready for competition.
𝐑𝐞𝐚𝐝𝐲 𝐭𝐨 𝐬𝐞𝐥𝐥? It's still a great time to make your move.

Let’s talk strategy for today’s market. DM me for the latest insights and personalized advice!
Load More Follow on Instagram
The Summer Guides for Buying and Selling a Home are Here.

To get the latest digital copy, go to https://tamisavage.com/the-spring-guides-for-buying-and-selling-a-home-are-here/
The Spring Guides for Buying and Selling a Home Are Here
How you price your house will make a big difference to not only your bottom line, but to how quickly it could sell. Let’s connect to figure out the ideal price for your house.
Price Your House Right When You Sell
Getting pre-approved is an important first step toward buying a home. Let’s connect so you have the right tools to buy a home in today’s market.

Data Source:
 • https://www.forbes.com/advisor/mortgages/what-it-takes-to-be-preapproved-for-a-mortgage-and-why-it-matters/
The Importance of Pre-Approval
There are many reasons why it’s easy to fall in love with homeownership. If you’re ready to find the home of your dreams, let’s connect.
Why It's Easy To Fall in Love with Homeownership
You can have the home you want without waiting for the perfect home to come onto the market.

SOURCE for Data in Video: 
 • https://themreport.com/news/data/08-29-2022/homebuyers-compromise
Create Your Perfect Home by Perfecting It After You Purchase
Before buying a home, it’s a good idea to know why homeownership is important to you. Let’s connect to discuss your why and prioritize your next steps.

SOURCE for Data in Video: 
 • https://himaxwell.com/resources/ebooks-white-papers/1h-2022-millennial-genz-borrower-sentiment-report/#downloadnow
Top Reasons Why You May Want To Buy a Home
There’s a lot going on in the housing market right now. 

You can get the latest digital copy from my website post: https://tamisavage.com/the-winter-guides-for-buying-or-selling-a-home-are-here/
The Winter Guides for Buying or Selling a Home Are Here
There’s good reason to make your move right now if you’re ready to sell. Let’s connect to talk about the benefits of selling your house this season.
5 Reasons To Sell Your House This Winter
Rents have risen dramatically for over three decades. Let’s connect so you can have expert advice on your side to help you reach your homeownership goals.

Data Source: 
 • http://www.census.gov/housing/hvs/files/currenthvspress.pdf
Avoid the Rental Trap
Load More... Subscribe

Let’s Connect

770-744-2524‬ or
(888) 959-9461 x2543

Digitial Business Card

 

Calculate Mortgage Payments

www.mlcalc.com/mortgage-calculator/
Copyright © 2019+ Tami Savage LLC. All Rights Reserved. Privacy Policy

DISCLAIMER: The information contained, and the opinions expressed, on this site are NOT intended to be construed as legal or financial advice. Tami Savage does NOT guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as legal or financial advice. You should ALWAYS conduct your own research and due diligence and obtain professional advice before making any legal or financial decisions. Tami Savage will NOT be liable for any loss or damage caused by your reliance on the information or opinions contained herein.