Nikki Waller, Director of Financial & Relational Development
Last week we shared an article from USA today about the disparity between white, black, and Hispanic home owners in America. This raised a question for us: does this disparity exist in our hometown?
In short. Yes. It does.
We took just one more step in our research and were able to answer one other question. Is this disparity in home ownership because only white people want to own homes? Or, is the problem that only white families can afford homes?
Let’s look at the poverty levels.
(Reference: The Area Median Income for a family of 4 is $65,100. For a family of 4 to be less than 50% of the poverty level means they make less than $32,550 per year.)
So, what does this table tell us? This table tells us that minority individuals don’t have the opportunity to purchase a home, they don’t have the opportunity to build wealth, because they are more likely than their white counterparts to be living in poverty. This is why programs like the HOPE Down Payment Assistance program and Individual Development Accounts are critical to helping curb generational poverty. They level the playing field so that all citizens. regardless or race, can access affordable home ownership.
This is why we exist.