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America needs a big campaign, backed by the POTUS, to increase home ownership among minorities. Loan standards should be relaxed and banks should be encouraged to actively recruit blacks and Hispanics to take out mortgages, even when they have little or no savings and credit history. What could go wrong?
Yep both Bush and Clinton pushed for weakened banking\lending standards under the guise of helping the poor and minorities.
There are some good programs out there right now like FHA....my friend just got their first place with FHA because while they don't make much money they have good credit and follow a balanced budget.
That's a wise program and if others can't take advantage of programs like this (and others) then that's on them.
Do you know how many years renters have been shamed? Called stupid, short sighted, etc? Do you think I care? Hell no.
Do what is best for oneself, it's no one else's business really. There are good reasons to rent and good reasons to buy, it's a purely personal decision.
Do what is best for oneself, it's no one else's business really. There are good reasons to rent and good reasons to buy, it's a purely personal decision.
Do what is best for oneself, it's no one else's business really. There are good reasons to rent and good reasons to buy, it's a purely personal decision.
The thing with owning is a lot of people can't afford the maintenance that goes along with owning a house and this is partially where consumer debt issue comes into play.
It's similar to people that buy expensive luxury vehicles used but then can't afford to fix them when something goes wrong.
Notice I said "maybe" it certainly implied that the discrepancy in home ownership is due to racism. Although black home ownership rates have held stead at around the high 30s/low 40s for about 70 years or so.
The stability in the rate would suggest something other than nefarious and insidious racism is at play here.
Quote:
Originally Posted by freemkt
More useful data would control for family structure. e.g. what is the homeownership rate for married couples, for single parents, for childless singles, etc. Family structure surely has a lot to do with it; buying a home is certainly easier on two incomes than on one.
On the rates of homeownership, they are similar for blacks between 1950 and 2017 because in 1950 some black families did own homes. Some of my relatives owned their own homes in the 1940s. They bought them with cash though and passed them down for generations. Like I stated earlier, it was not possible for many other blacks to buy homes until around the 1980s. That is less than 40 years ago. Back then, as well, most black Americans, due to being shut out of the economic booms of this country could not afford to buy a house. They could not get a job that would afford them to buy a house. For freemkt that included married couples. Most black Americans period have always lived in homes with one income, just like whites were so that is not a factor. The main factor for homeownership rates not increasing much between 1950 and 1985 was the fact that a majority of blacks were poor due to being shut out of high paying employment on a large scale. Also because those who did have decent employment could not get an FHA loan like white families could to increase their wealth. They paid more in rent back then than whites paid in rent or even for their mortgages due to being confined in specifica parts of town.
Again, the history of housing discrimination in this country along with job discrimination is the main reason for the low economic status of black America today. However, I'll note that even though re-visiting the past is interesting that past is not as much of a factor today (it still is though in regards to valuation of properties in black neighborhoods but that is something that can be worked around).
Mortgages are finite and are eventually paid off. Rent never ends. Amen.
Roughly half of my monthly ESCROW payment goes to homeowner's insurance and property tax. Insurance has gone up 2.5x since I got the house while tax has gone up 1.6x. No end in sight for the increases. There will come a time when insurance and tax alone will be more than the whole ESCROW was when I started. And insurance and tax never end.
You know what else? It's not so fun dropping $8,000 on a new air conditioner (in 100 degree weather), only one example of a wide range of expensive calamities (not covered by any insurance) that can befall a home owner that a renter will never see.
Generally in Houston the break even point on buying versus renting is 5-7 years under historical house price inflation. Though house prices have been going up a great deal lately.
When buying look for homes with recent roofs and A/C systems.
The thing with owning is a lot of people can't afford the maintenance that goes along with owning a house and this is partially where consumer debt issue comes into play.
It's similar to people that buy expensive luxury vehicles used but then can't afford to fix them when something goes wrong.
This of course needs to be taken into consideration before purchasing a home. Of course a home is a much larger and more complex purchase than a car.
Mortgage, taxes, insurance, maintenance, improvements, time spent maintaining home, etc. It's a big investment of time, money and risk. People are willing to do it to have a home of their own.
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