Why rent is so expensive and black homeownership is so low

[feelosofer]

The question is why is home ownership looked as such a big barometer in the first place?

And I say this as someone who eventually want to buy a home

Homes are assets you can pass down to your children. Borrow against its value or sell outright for cash. The biggest gap in Black and white net worth is due to the percentage of home ownership.

 

[ORDER_66]

How's a bank going to size something if you have the deed and it's paid off? Yeah you got to pay property tax, so what? Everyone who owns land does. Some states even offer exemptions. How do you not own it completely? Cause of taxes and imminent domain?

The property taxes is bullshyt america is only major country i heard of besides others where if you own property outright you STILL have to pay taxes even if you own it to your dying day... but IN certain other countries once you have property it's yours there is no property taxes and NO EMINENT domain either...

Here:

What Caribbean islands have no property tax?


The Best Tax-Free Caribbean Islands You can Easily Relocate to

• #1 Anguilla. Anguilla is a British Overseas Territory in the Caribbean. ...
• #2 Cayman Islands. The Cayman Islands are also a British Overseas Territory (BOT). ...
• #3 The Bahamas. ...
• #4 Turks & Caicos. ...
• #5 British Virgin Islands. ...
• #6 Caribbean CBI Countries.

 

[Gloxina]

The property taxes is bullshyt america is only major country i heard of besides others where if you own property outright you STILL have to pay taxes even if you own it to your dying day... but IN certain other countries once you have property it's yours there is no property taxes and NO EMINENT domain either...

Here:

What Caribbean islands have no property tax?


The Best Tax-Free Caribbean Islands You can Easily Relocate to

• #1 Anguilla. Anguilla is a British Overseas Territory in the Caribbean. ...
• #2 Cayman Islands. The Cayman Islands are also a British Overseas Territory (BOT). ...
• #3 The Bahamas. ...
• #4 Turks & Caicos. ...
• #5 British Virgin Islands. ...
• #6 Caribbean CBI Countries.

This is true, but…

Unless folks are moving and buying homes elsewhere, what does it matter??

 

[UpAndComing]

Homes are assets you can pass down to your children. Borrow against its value or sell outright for cash. The biggest gap in Black and white net worth is due to the percentage of home ownership.

Yeah but that's the look at the end result instead of the here and now. The problem is a lot of people rush to buy a home when they are not financially stable to do so, in an effort to appear like they made it to their friends and family

A home can financially handicap you if you are not ready. Having to pay for a mortgage that by the end of it you are paying 20% to 30% more for a home's value because most are too broke to pay more than the minimum payments, on top of unforseen big home repairs that would be needed

 

[feelosofer]

Yeah but that's the look at the end result instead of the here and now. The problem is a lot of people rush to buy a home when they are not financially stable to do so, in an effort to appear like they made it to their friends and family

A home can financially handicap you if you are not ready. Having to pay for a mortgage that by the end of it you are paying 20% to 30% more for a home's value because most are too broke to pay more than the minimum payments, on top of unforseen big home repairs that would be needed

I don't disagree with this. There are a lot of hidden costs to home ownership that even current home owners are not honest about.

 

[Traveler]

The property taxes is bullshyt america is only major country i heard of besides others where if you own property outright you STILL have to pay taxes even if you own it to your dying day... but IN certain other countries once you have property it's yours there is no property taxes and NO EMINENT domain either...

Here:

What Caribbean islands have no property tax?


The Best Tax-Free Caribbean Islands You can Easily Relocate to

• #1 Anguilla. Anguilla is a British Overseas Territory in the Caribbean. ...
• #2 Cayman Islands. The Cayman Islands are also a British Overseas Territory (BOT). ...
• #3 The Bahamas. ...
• #4 Turks & Caicos. ...
• #5 British Virgin Islands. ...
• #6 Caribbean CBI Countries.

There are 21 out of 195 countries that don't have property tax.

 

[ORDER_66]

This is true, but…

Unless folks are moving and buying homes elsewhere, what does it matter??

Because in america it seems that even if you do buy a home your liable to lose it no matter what... you telling me if we fall behind on property taxes by $100 i can have my possession repossessed??? shyt is ridiculous. but see that's how they get your ass... no matter if you paid the house off or not... and guess who's exempt from paying ANY property taxes here in america. churches or govt!!!!

 

[Gloxina]

Because in america it seems that even if you do buy a home your liable to lose it no matter what... you telling me if we fall behind on property taxes by $100 i can have my possession repossessed??? shyt is ridiculous. but see that's how they get your ass... no matter if you paid the house off or not... and guess who's exempt from paying ANY property taxes here in america. churches or govt!!!!

Uh huh



So every other racial group out here is scrambling to buy property and not tripping off this issue you are raising, but somehow…this is a reason we shouldn’t be buying property?

 

[CreepyMcCreeperson]

I used to also see dusty looking Hasidics always going into the office of a prominent Miami architect and would wonder how are they getting all this money for these real estate deals, then put 2 + 2 together and came up with many of them have dual citizenship with their other country that gets a healthy stipend of the US $ every year. It's supposed to be spent on defense but I don't think anyone checks the books on where the money goes. Just an observation and I'm not anti-anybody!

Some of those Hasidic women have their babies here, sign up for benefits, then go back to Israel. Somebody cashes the checks, and mails the money. I don’t know how that works with modern technology, and direct deposits. But I heard this a long time ago. They also never get legally married, so they are legal single moms with a bunch of kids, collecting cash welfare, food stamps, section 8, etc. They rent the section 8 homes apartment units out, and if it’s a house, it’s a house the husband owns, and they collect the section 8 money while living in a nicer house, and renting the section 8 house out to somebody else.

BUT they do use black contractors for their homes, at least in Jersey.

 

[ORDER_66]

Uh huh



So every other racial group out here is scrambling to buy property and not tripping off this issue you are raising, but somehow…this is a reason we shouldn’t be buying property?

I never said to not buy property... im saying that these constant hurdles that come with home ownership cripples you because it's always a cause and effect. when the neighborhood gets gentrified you probably gonna have to pay higher property taxes but what happens when you can't pay it? KWIM...
America is a scam. and even if you can maintain it and try to pass it down to your kids that gets somewhat taxed too... like damn america tax you on every fukking thing. look at how everyone in san francisco who owned those homes was displaced because the property taxes skyrocketed and they couldn't afford to even live in the neighborhoods they grew up in. it's a cycle that never seem to end. We can't just own shyt and be clean and clear of any and all payments... plus the govt and city scheming to take your shyt from you. they condemn your house on some bullshyt it's a wrap too. eminant domain gotta make room for that highway...

 

[Geode]

The problem is the majority of the black population is in urban areas which happen to be super expensive to own property in. We need to migrate to smaller cities to purchase homes and land. More predominantly black small towns would aid this.

People want to live close to their jobs. And a lot of black jobs are ties to govt. The small governments of small cities are not enough to sustain black jobs.

 

[Wild self]

Part of the problem is also most Black people live in high COL urban centers making home ownership difficult in that sense as well.

Cause smaller rural towns are majority CAC and are historically Sundown towns, which is dangerous for anyone with black skin.

 

[Scientific Playa]

Some of those Hasidic women have their babies here, sign up for benefits, then go back to Israel. Somebody cashes the checks, and mails the money. I don’t know how that works with modern technology, and direct deposits. But I heard this a long time ago. They also never get legally married, so they are legal single moms with a bunch of kids, collecting cash welfare, food stamps, section 8, etc. They rent the section 8 homes apartment units out, and if it’s a house, it’s a house the husband owns, and they collect the section 8 money while living in a nicer house, and renting the section 8 house out to somebody else.

BUT they do use black contractors for their homes, at least in Jersey.

Yup, Chasya broke it down. Highly Recommended vid below !!!!!!! It's long but she's beautiful, articulate, and has some dope stories. Her face and rack will also hold your attention!

My mom taught me the Hasidic treated her and my two older sisters well when they lived in Brooklyn many decades ago. I got along well with the secular Jews when I lived on Miami Beach before they rebuilt it. Had a room in an old hotel right next door to the first Jewish Temple on the Beach. I think its a museum now.

Rabbi's Daughter interview-Chasya​

 

[Gloxina]

I never said to not buy property... im saying that these constant hurdles that come with home ownership cripples you because it's always a cause and effect. when the neighborhood gets gentrified you probably gonna have to pay higher property taxes but what happens when you can't pay it? KWIM...
America is a scam. and even if you can maintain it and try to pass it down to your kids that gets somewhat taxed too... like damn america tax you on every fukking thing. look at how everyone in san francisco who owned those homes was displaced because the property taxes skyrocketed and they couldn't afford to even live in the neighborhoods they grew up in. it's a cycle that never seem to end. We can't just own shyt and be clean and clear of any and all payments... plus the govt and city scheming to take your shyt from you. they condemn your house on some bullshyt it's a wrap too. eminant domain gotta make room for that highway...

I feel you…but San Fran is a unique case. There are millions of homeowners across the country who aren’t getting priced out and are passing property down. That includes Black folks.

I dunno, just sounds defeatist. Keep acquiring skills until you can support the type of life you want and keep it pushing. It’s not supposed to easy. And I’m not being facetious; I say that as someone who understands she needs to keep elevating to improve the quality of my life as well.

My elders are sitting pretty but they kept elevating their skilled and going hard for decades so that they could support family, live well, give back and retire comfortably.

What I do think is tough is the fact that some ppl aren’t blessed to be born in a family or community that gives them the blueprint, guidelines or guidance when it comes to navigating adulthood and western (American) society.

The truth is, when we have our financial house in order and have acquired skills that are in demand, the things you’re talking about are not a challenge in any way. It’s simply “handling business”.

Again- I say that as someone who is still on that journey. I’m doing aight, but it’s totally possible to live abundantly. And be a good person. And share with others.

We should all be striving for that.

 

[Htrb-nvr-blk-&-ug-as-evr]

Some pure concentrated ignorance in this thread. I can tell who will succeed playing the game and who will be left behind juelzing like