Spencer Hayes Real Estate Group, LLC with PalmerHouse Properties

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Today we celebrate 112 years of service; 112 years dedicated to ensuring that Black people are not only treated equally but also equitably. And we couldn’t do i...t without your constant support! Click the link to sign our birthday card. #NAACPFoundersDay https://support.naacp.org/a/naacp-112-anniversary-card-soci

Minority Homeownership Urban Institute: Within 20 years, Black homeownership will decline dramatically The homeownership gap between Black families and White fa...milies is wider today than in the 1960s because of structural barriers, the Great Recession, natural disasters, and COVID-19. Each generation's homeownership rate is lower than the generation ahead of them at the same age. But according to a new study from the Urban Institute by Laurie Goodman and Jun Zhu, the national homeownership rate will decline, and the homeownership gap between Black and White Americans will worsen even though the population of homeowners will increase over the next two decades. By 2040, there will be 6.9 million additional homeowners, but the national homeownership rate will decline three percentage points, from 65 percent to 62 percent. That's because our population's rapid aging will produce a higher share of senior households and increase the number of households that could be homeowners. As a result, the overall homeownership rate will decline modestly as the exploding population of potential senior homeowners outpaces the increase in the number of homeowners. If these trends continue, America will have only 87.1 million homeowners in 20 years. That difference amounts to 3 million fewer homeowners or 3.3 million more renters who are not tapping into homeownership's wealth-building potential. Black homeownership will suffer more than White These shortfalls are not shared equally among different racial groups. Younger Black Millennials, who will reach ages 45 to 54 in 2040, will have a homeownership rate of 41 percent, compared with the 50 percent homeownership rate among younger Black boomers at the same age a 9 percentage-point difference. Meanwhile, younger White Millennials who reach ages 45 to 54 in 2040 will have a homeownership rate that is only about 4 percentage points lower than it was for younger white boomers when they were the same age. Accordingly, future declines in the homeownership rate will have an outsized impact on Black Americans' capacity to build intergenerational wealth. Though this may seem like a modest decline, it will have an enormous impact on successive generations in their prime homebuying and equity-building years, especially Black Millennials and Black seniors. Serious implications for wealth-building Homeownership is one of the most effective ways that families can build intergenerational wealth. Though it is not the best option for everyone, evidence shows homeownership is still financially better than renting. However, housing equity is not shared evenly among races. For years, news stories have highlighted existing homeownership rates and predicted what next year's market would bring. But now the news is what homeownership rates will look like in the next two decades if current policies remain unchanged. Key takeaways: 34 percent of household heads will be 65 or older, compared with 27 percent in 2020 and just 22 percent in 1990; Younger Millennials, who will reach ages 45 to 54, will have a homeownership rate of 64 percent, versus 72 percent for younger boomers at the same age (an 8 percentage point difference); and The homebuying rate in the prime homebuying years (ages 25 to 44) will decline by 6.5 to 9.0 percentage points between the boomers and younger generations. https://downpaymentresource.com/the-down-payment-report/ See more