The Decrease in Black Homeownership

We’re hearing increasingly distressing news that homeownership rates for Black families have fallen to levels not seen for 50+ years. According to a recent Washington Post article, the reasons for the downturn are many and varied including: …a lack of affordable housing in some areas and chronically low inventory in others. Rising student debt is increasingly an issue, too, as more financially strapped buyers struggle to save for a down payment.”

Generation Z Prepares for Home Ownership

Gen Z’ers, those born before 1996, are poised to have a big impact on the housing market in the coming years. With a strong desire to purchase a home sooner rather than later, a recent study by realtor.com finds that 80% of Gen Z’ers hope to own a home by age 30, preparing early is crucial. Check out this article from Bankrate to learn more about the 5 first steps to take, and then visit our affiliate The HomeOwnership Center at Home HeadQuarters and take a look at the homebuyer education classes and resources they have available to help you meet your goals!

Is renting a barrier to home ownership?

According to a recent survey by home ownership experts NeighborWorks America, many people, especially those that live in the Northeas, find that saving to buy a home is almost impossible while paying rent. Most Blacks and Latinos also find saving for a down payment and improving credit to be one of the top obstacles to purchasing a new home.

If this sounds at all familiar, stop in at Home HeadQuarters’ HomeOwnership Center to get started on the home buying path. Certified Housing Counselors can assess where you are in the process and if you should start with a Financial Fitness class or sign right up for a HomeBuyer Orientation. You can also check out the educational offerings online at https://www.homehq.org/education-and-counseling/.

For more on the NeighborWorks America study on obstacles to home ownership, visit the article here!

Benefits of Home Ownership Increase

Did you know that renters are currently outlaying a larger portion of their income for rent than the percentage homeowners are paying for mortgages? Read this article by Mortgage Professional America to learn more. If you're still paying rent, but want to become a homeowner in 2018, sign up for Home HeadQuarters' HomeBuyer Education Course which is a great first step on your path to homeownership! You can sign up for the free workshop, here.

YOUR REAL ESTATE UPDATE

Homes in Onondaga and Oswego counties, in the $79,900 - $105,000 price range, are moving fast!  It’s a great time to be a seller and an even better time to get top dollar for your home. If you have ever thought about listing your property, now may be the best opportunity for you and your family. 

Also, if you are looking to buy, make sure you act quickly on any property you are interested in.  We are seeing homes on the market last less than one week when priced appropriately!

In either scenario, if you are looking to buy or sell, please contact an agent at CNY Affordable Realty where we will gladly assist you.  Call (315) 474-1939 or email ShannonF@cnyaffordablerealty.org today!

Don't believe us? Read more about the booming real estate market here:

Existing Home Sales Will See Best Year Since 2006, Housing Wire, May 18, 2017

- Shannon Fiumano-Wagner