Black Owned Homes

Homeownership has always seemed like a dream to most, but owning a home is usually cheaper than renting a home. Most people are spooked by owning a home because of all the work it takes in getting a home. There however, the benefits in owning a home and using fear to deny you of the opportunity, is one of the most damaging things that black people face. There are several opportunities available to help black people move into their dream home. All you have to do is put action to your dream and it can come true.

Here are some sobering facts about black people and homeownership

• • • The current 30-percentage-point gap between black and white homeownership is larger than it was in 1968, when housing discrimination was legal
    • If the black homeownership rate were the same today as it was in 2000, America would have 770,000 additional black homeowners
    • Homeownership is lower for black college graduates than for white high school dropouts
    • Black borrowers are less likely to meet the traditional credit standards necessary to qualify for a mortgage
    • Seventeen percent of the black-white homeownership gap can’t be explained by identifiable factors

Are You Ready to Own A Home?

Before you begin home-hunting, ask yourself what sort of residence best suits your needs and wants, how much home you can actually afford, how much financing you can get, and who will help you in your search.

The actual homebuying process includes finding a place, securing financing, making an offer, obtaining a home inspection, and closing the deal.

As a new homeowner, you must maintain the residence, but also to keep on saving money—don’t rely on selling a home to fund your retirement, no matter what the housing market does.

This is a very brief overview to give sound information about home ownership. However, speaking to a realtor would give you more information about what it takes to own a home. Remember that the more you educate yourself about the process beforehand, the less stressful it will be, and the more likely you will be to get the house you want for a price you can afford.