Houses cost more than ever, but Black folks still plan to buy

by Bria Overs

reporting, police officers viewing the crime more seriously, prosecutors taking on more fraud cases, and policymakers acting to protect the vulnerable.

If those steps are taken, billions of dollars will remain in America’s economy, Stokes said.

Additionally, an AARP Victim Support Program is available to those of all ages and provides 1-hour free virtual sessions.

It also supports and empowers victims, lowers stress, and allows for a safe space to discuss fraud.

“This gives me a much deeper understanding of the mental health impact of fraud,” added an AARP volunteer.

“Of course, I knew it was devastating—but nothing substitutes for hearing directly from victims.”

(Stacy

M. Brown is NNPA Newswire Senior National Correspondent)

For New Pittsburgh Courier

There are many ways to build wealth, but homeownership is among the most powerful for creating and maintaining generational wealth and uplifting communities. Plus, there’s the perk of decorating a home as you wish.

As the current housing market shows, a home’s value can grow substantially over time.

In the last three years, the national median home sales price increased by over $107,800. At the end of March 2023, the median sales price nationally was $426,800, up from $329,000 in March 2020, according to the Federal Reserve Bank of St. Louis.

Home prices increased in a short period, and so has the overall homeownership rate for Black people. The rate for Black people increased to 45.8 percent in March 2023 from 44 percent in March 2020.

However, the Black community’s homeownership rate has never been above 50 percent and currently lags 5 percent behind the nearest group.

The rates so far this year are 50.6 percent for Hispanic Americans, 62.8 percent for Asian Americans, and 72.7 percent for White Americans, according to the National Association of Realtors.

Despite these numbers, Black folks still have their eyes on the prize.

A new survey from Citi Retail Bank high interest rates are the most significant barriers to entry. and YouGov found 42 percent of Black people hope and plan to purchase a home one day, and 16 percent are actively looking to purchase their first home. Another 16 percent say they already purchased one.

Racism Is at Fault for the Lack of Homeownership Other than the current economic and housing market situation, the Black community’s history with homeownership has long been a barrier.

The FHA prohibited Black families from purchasing homes well into the 1960s. The passing of the Fair Housing Act in 1968 finally opened the door for them to participate in ownership and the benefits of equity and wealth.

The median sales price for homes at the end of 1968 was $25,600. Today, when adjusted for inflation, that’s equivalent to $224,379. However, prices have far outpaced inflation since 1970.

“We’ve been telling people to get ready now,” Donnell Williams, president of the Black Real Estate Professionals Alliance, told Word In Black. “You don’t have time to wait. Be ready for when it comes.”

What’s holding them back? Respondents say current housing prices and

Government maps outlined areas where Black residents lived, deeming them too risky for insuring mortgages. And segregation through redlining— a common practice of the past—continues to haunt these communities nationwide.

“When I look at why we lag behind when it comes to homeownership, from a historical perspective, we got to the game late,” says Derrick Nutall, vice president of Citi Mortgage’s community lending team.

In the present, he says mindset is a