Research indicates that net growth in the number of homeowners from 2020 to 2040 will be entirely among people of color. While that sounds like good news, the barriers to homeownership are still real, and even more prohibitive for communities of color. JPMorgan Chase Managing Director, Cerita Battles, joined Inside South Florida to share tips for overcoming barriers to homeownership and how to get started on the path to your first home.
“There's a lot of fluctuation in the housing market right now with respect to interest rates and affordability or the lack thereof,” says Battles. “But particularly in communities of color, there's a lot of systemic issues that also add barriers to the homeownership process. However, I'm extremely encouraged about the opportunity that exists. Because when we think about the homeownership rate in America, currently, on average, it's about 67%. Among Hispanics, it's 50%, and among Blacks, it's 44%. And so that tells me that there's a lot of renters that are out there that are really still trying to seek this or realize their dream of homeownership, and there's still a tremendous opportunity for them to be able to focus in on it.”
For more information, visit Chase.com/Afford
This Inside South Florida segment is paid for by Chase.
