Black Americans are paying more to own a home and falling further behind

[Cynic]

That's EXACTLY how wealth is built lol. Name a wealthy person that doesn't own any properties. Particularly for the average person, their biggest asset is their home because they have equity in it. If you have a paid off house you can pass down to your children, that is typically the most attainable way for a normal person to transfer wealth.

If you are a banker selling mortgages ? Yes.
Primarily because mortgages are a financial product.

The average person is f*cked beyond comprehension so my view point is business has more upside for those who want to achieve real autonomy.

There is a difference between a commercial landlord with rental income and a home owner paying off bank debt for 20-30 years.

 

[Serious]

True Wealth isn't built through home ownership .....

Go ahead and name the richest landlord

@Dolla$

 

[Ish Gibor]

Businesses have better upside and rewards but I see your point.




There are other factors to consider including capital gains tax and downturns/job market

There’s more people with homeownership than businesses. I think that that’s the difference.

 

[Originalman]

I didn't buy a home as an investment, it was way to stabalize my housing costs and more effective fail safe than renting could provide. When I ran into financial issues, I went 377 days without making a mortgage payment, if I were renting, I had 60-90 days TOPS! I mean I did have to file Chapter 13 to get caught up, but even now my mortage is only $785, that's including taxes and insurance.

I'm also a big fan of shared living/finances. A lot of adults are living together, but not collaborating financially. I don't see how it's mad adults with jobs living under one roof, but mfs are still struggling. Yall should form like voltron and make some moves.

The solution for me was to change the way I view things. I know there is a gap, but my goal isn't to "catch up" to white people, it's to move strategically within a racist system. It's never going to be fair and we'll just keep uncovering the efforts taken to sabotage us. Hell, the deed history for my home shows racist covenants where it could only be sold to whites.

Message