Bridging the Homeownership Gap: A Personal Mission to Empower Clients
Bobby Terry Jr
Lead Generation & Conversion Optimization Expert | Automated Follow-Up Systems Innovator | AI-Driven Customer-Centric Solutions
As an African American REALTOR®, I’ve always been passionate about helping all of my clients achieve their dream of owning a home. But recently, something really stuck with me. While reviewing the National Association of REALTORS® (NAR) Profile of Home Buyers and Sellers, I noticed a glaring truth: the gap in homeownership rates between racial groups is not only significant—it’s persistent. That discovery left me wondering: Why is this gap so huge, and what can I do to help my clients overcome these barriers?
Why Is the Gap So Wide?
To understand the “why,” I did some digging, and what I found was eye-opening. These disparities didn’t just happen overnight—they’re rooted in history and perpetuated by systemic and economic factors. Here’s what the research shows:
1. Historical Inequities in Housing
You’ve probably heard about redlining, but its impact is still felt today. In The Color of Law, Richard Rothstein explains how government policies intentionally segregated neighborhoods, locking Black and Hispanic families out of wealth-building opportunities through homeownership. This legacy has made it harder for many families to break free from the cycle of economic disadvantage.
2. The Racial Wealth Gap
Here’s the reality: In 2022, the typical Black family had $16 in wealth for every $100 held by a typical White family. For Hispanic families, it was $22. While that’s a slight improvement from 2019, when those numbers were $13 and $19 respectively, the gap remains vast. (Federal Reserve Data) This disparity makes saving for down payments or qualifying for mortgages far more challenging.
3. Unequal Access to Affordable Credit
Even when clients are ready to buy, the playing field isn’t level. Studies like Do Minorities Pay More for Mortgages? reveal that Black and Hispanic borrowers often face higher mortgage rates and fees compared to White borrowers. This adds extra financial strain and reduces the long-term benefits of homeownership.
How High Interest Rates Are Making It Worse
Right now, high interest rates are hitting everyone hard, but they’re especially tough on first-time buyers. Many of my clients—some of the most hardworking and deserving people I know—are finding it impossible to move forward. For me, this isn’t just business; it’s personal. I’m determined to provide them with the tools and information they need to navigate these challenges and achieve their dreams.
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Passion + Skills = Income: A Solution That Starts with You
Here’s where I think we can start making a difference. I’ve always believed in the power of pairing passion with skills to create income. That’s why I developed a free Skills Assessment Worksheet. This tool helps clients identify their unique strengths and interests and match them with real income opportunities.
Whether it’s finding a side hustle to save for a down payment or discovering a full-fledged business idea, this worksheet is designed to help clients take control of their financial future.
Let’s Work Together to Build Wealth
Homeownership is more than just having a place to live—it’s about building generational wealth and creating stability. Here’s how I can help:
A Personal Commitment to Change
Seeing the data from the NAR report wasn’t just an eye-opener—it was a call to action. I want to make sure that my efforts to bridge the homeownership gap are inclusive and empowering. By using data to inform my strategies and by offering practical resources like the Skills Assessment Worksheet, I hope to help more clients break through barriers and achieve the stability that comes with owning a home.
If you’re ready to take the first step, I’m here to help. Let’s make homeownership a reality for everyone.