By Anne To | Contributing Writer | California Local News Fellow Tiffany Duvernay-Smith went from “homelessness to homeowner” after she became a recipient of the
Kern County is often described as more affordable than coastal California, and in some ways, that’s true. Home prices are lower than in Los Angeles or the Bay Area. But the affordability gap for Black households remains one of the largest in the state. This means that they are less likely to have the income needed to buy a home.
A Profile on the Wealth and Financial Well-Being of Renter Households highlights that renters today have a median net worth of just $10,400—a mere fraction of homeowners’ nearly $400,000 median net worth. According to the Aspen Institute Financial Security Program’s report, “From Rent to Riches,” the disparity is not solely due to home equity. While home equity makes up $200,000 of homeowners’ median net worth, the remainder comes from other assets that renters typically do not own, such as stocks, bonds, retirement accounts, and business equity. The report notes that 78% of homeowners own a potentially appreciating asset beyond their primary residence, compared to only 48% of renters.
To address systemic racial disparities in the real estate appraisal profession, the U.S. Department of Housing and Urban Development (HUD) announced today a historic Conciliation Agreement with The Appraisal Foundation (TAF).
Meet Stephanie Synclair, a 41-year-old Black mom from Atlanta who decided to make Sicily her second home. In 2022, she became the proud owner of a $62,000 house in Sicily, Italy, escaping the high home prices in the United States.
In a concerted effort to bolster homeownership for millions of Americans, the Biden-Harris Administration has unveiled a multi-pronged strategy to increase accessibility, affordability, and support for existing and aspiring homeowners.
