Got Real Estate?

Wealthy people own property. Real Estate is one of the most fundamental investment avenues that drives wealth and financial freedom. The journey for most people interested in real estate investing starts with home ownership.Yet, for many reasons, the black and brown demographic is falling far behind all other ethnic groups. The US Census has been conducting an annual survey called the "American Community Survey" since 2005. Data from this survey shows that the rate of home ownership in California has been steadily declining. In 2005, 56.9% of Californians owned a home. In 2019, this rate fell to 54.8%. Every ethnic group, with the exception of Asians, has a lower home ownership rate than they had in 2005. However, when you compare the 2019 numbers to the 2005 numbers for each ethnic group you find that black ownership dropped by the greatest mark, 11.4% followed by brown ownership dropping by 6.8% and white ownership dropping by 4.4%.

Looking back even further, in the 1960 US Census, 68.2% of white people owned their homes compared to 33.3% of black people. During the 1960s it was legal to discriminate and implement exclusionary housing policies to stop non-white people from purchasing homes; yet at this time black people found a way to purchase homes at a rate greater than that of blacks who have every right to purchase a home as a white person.

Being a Black Californian, I have to admit that these numbers are depressing and worrisome. However, being a home owner I have to say that the opportunity for black and brown people to own a home still exist with the proper mindset and list of priorities. Yes, the cost of living in California is increasingly expensive. Yes, we have an extreme shortage of homes that creates insane competition and bidding wars. However, home ownership is possible when you position yourself to achieve that goal. When you purchase a house you open the door to more stability because you control the home, you have an asset that appreciate over time and gains value, and you can use the appreciation and value as leverage to further other goals such as business ownership and retirement.

At Fritz Calhoun Realty Group, we are familiar with the challenges that black and brown people endure and have first hand experience overcoming them. Please reach out to us to discuss your individual goals and let us help you reach them!