{"id":8261,"date":"2024-02-13T11:30:00","date_gmt":"2024-02-13T11:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/bridging-the-gaps-on-the-road-to-homeownership\/"},"modified":"2024-02-13T11:30:00","modified_gmt":"2024-02-13T11:30:00","slug":"bridging-the-gaps-on-the-road-to-homeownership","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/bridging-the-gaps-on-the-road-to-homeownership\/","title":{"rendered":"Bridging the Gaps on the Road to Homeownership"},"content":{"rendered":"
Homeownership is a major part of the American Dream<\/a>. But, the path<\/a> to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers.<\/p>\n It’s clear that achieving homeownership is more challenging for certain groups because there\u2019s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the lowest homeownership rate<\/a> nationally (see graph below<\/em>):<\/p>\n <\/a><\/p>\n <\/p>\n Homeownership is an important part of building household wealth<\/a> that can be passed down to future generations. According<\/a> to a report by the National Association of Realtors<\/em> (NAR), almost half of Black homebuyers in 2023 were first-time buyers. That means many didn\u2019t have home equity<\/a> they could use toward their home purchase.<\/p>\n That financial hurdle alone makes buying a home more challenging, especially at a time when affordability is a major concern for first-time buyers. Jessica Lautz, Deputy Chief Economist at NAR says<\/a>:<\/p>\n \u201cIt\u2019s an incredibly difficult market for all home buyers right now, <\/em>especially first-time home buyers and especially first-time home buyers of color<\/em><\/strong>.\u201d <\/em><\/p><\/blockquote>\n Because of these challenges, there are several down payment<\/a> assistance programs specifically aimed at helping minority buyers fulfill their homeownership dreams:<\/p>\n Even if you don\u2019t qualify for these programs, there are many other federal, state, and local options available to look into. And a real estate professional<\/a> can help you find the ones that best meet your needs.<\/p>\n For minority homebuyers, the challenges that remain can be a point of pain and frustration. That\u2019s why it\u2019s so important for members of diverse groups to have the right team of experts on their sides throughout the homebuying process. These professionals aren\u2019t only experienced advisors who understand the market and give the best advice, they\u2019re also compassionate educators who will advocate for your best interests every step of the way.<\/p>\n Connect with a real estate professional to make sure you have to make sure you have the information<\/a> and support you need as you walk the path to homeownership<\/a>.<\/p>\n<\/div>\n\n
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