A Stark Reality: The Homeownership Gap
Did you know that only 47% of Black residents in Georgia own homes compared to 76% of white residents? This alarming disparity highlights the urgent need for advocacy in today’s housing market, which faces unprecedented challenges, including high home prices and dwindling tax benefits for homeowners.
The American Property Owners Alliance (The Alliance) is dedicated to tackling these issues head-on. Through advocacy and on-the-ground support at events across the country, we help aspiring buyers make their voice heard on critical housing issues and access the resources they need to achieve homeownership.
Offering Support and Solutions
Our recent event in Atlanta brought together industry experts and community leaders, including representatives from the National Black Empowerment Council, Georgia REALTORS® and Douglass Leadership Institute.
During the event, we focused on three critical areas:
- Building Generational Wealth: Exploring the path to financial stability through homeownership.
- Resource Navigation: Identifying tools available for Atlanta residents to save for a down payment, navigate the housing market and protect their property investment.
- Addressing Barriers: Discussing obstacles to homeownership for Black residents and policy solutions to enhance access for all aspiring homeowners.
Darius Jones, President & CEO at National Black Empowerment Council, a sponsor of the event said, “Closing the Black-white homeownership gap requires active engagement and advocacy from our community. It’s essential that Black residents participate in discussions about housing policies that affect them. By empowering individuals to take a stand and advocate for equitable solutions, we can help ensure that homeownership becomes a reality for all families, fostering greater economic stability and community resilience.”
Watch the full event here.
Understanding Housing Affordability Challenges
The data on rising home costs both in Atlanta and nationwide demonstrate the need for action and more support for buyers. Over half of America’s homeowners and renters are struggling to afford their housing costs each month. Atlanta has experienced some of the fastest-rising rents in the nation. In fact, the average monthly rent for a one-bedroom apartment jumped from $1,315 in July 2019 to $2,098 by July 2024. Home prices follow a similar trajectory, from 2019 to 2023, the median home price in Georgia surged by 53%, exacerbating the homeownership rate disparity, with only 47% of Black residents owning homes compared to 76% of white residents.
“Home prices in Georgia have skyrocketed over the past few years, creating significant barriers for many families hoping to achieve homeownership,” said Jeff Ledford, External Affairs Officer at Georgia REALTORS®, “it’s crucial that we come together to address this crisis and provide the education and resources needed to make homeownership accessible for everyone.”
These challenges aren’t unique to Atlanta, the national homeownership rate among Black individuals is just 44%. As the housing affordability crisis intensifies, it is essential for Americans to hold their leaders accountable to increase the availability of affordable homes and rentals. The Alliance offers a platform for individuals to learn about practical housing solutions and to urge their representatives to take meaningful action to expand access to homeownership.
Amplifying Community Voices and Insights
The housing data is bleak but doesn’t tell the full story. Ahead of the event, The Alliance asked Atlanta residents to share how they have been impacted by rising home and rent prices.
Many attendees expressed pride in their homeownership journey, while others shared their struggles with high prices and the daunting challenge of saving for a down payment. These testimonials underscore the importance of addressing the housing crisis and providing relief to families.
Leveraging Local Leaders and Experts
Attendees also heard from LaRese Purnell, author of “Financial Foundations,” as well as a panel discussion featuring influential leaders, including Archie Emerson, President of the Empire Board of Realists; Eddy Benoit Jr., Founder and CEO of The Benoit Group, LLC; and Stephen Hester of BankSouth Mortgage.
These experts discussed strategies for overcoming housing affordability challenges and navigating the complexities of homeownership.
“I’m honored to be part of this important event with The Alliance,” said Purnell.
“Homeownership is a powerful tool for financial empowerment, and together we can create a future where everyone has the opportunity to own a home.”
Looking Ahead: Upcoming Events
The event in Atlanta is one in an ongoing series. Next month, The Alliance is headed to Little Rock, Arkansas, where residents will have the opportunity to learn more about the benefits of homeownership and the resources available to them as they embark on the journey to owning a home.
Stay up to date on home buyer education opportunities available to you and join us as we work to make homeownership more accessible for all.
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About the American Property Owners Alliance
The American Property Owners Alliance (The Alliance) is a nonpartisan, non-profit organization created to protect and support property owners and pave the way for future property owners. Our mission is to educate property owners about federal issues, laws and policies; to advocate for owners’ rights and interests; and to mobilize, when necessary, to secure those rights and interests.
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