(ThyBlackMan.com) After hitting a 50 year low in black home ownership during the housing crisis, the numbers are finally on the rise again. Still, nationally, a little more than 40% of African-Americans are home owners. Considering today’s market, we should be promoting black home ownership for many reasons including investing in our futures. Here are the top reasons to educate our brothers and sisters about the benefits of home ownership.
A Strong Financial Investment
Overall, buying a house is a smart financial decision. It provides stability in your payments when compared to rising rental rates. In a way, many people think of houses as a savings account that you are depositing money into every month. For most American families, a house is their largest asset. The stability and financial strength of owning a home should be shared widely in black communities.
The U.S. Tax Breaks
Black house owners cash in on incentivized tax breaks. The United States government incentivizes its citizens to own houses, offering tax deductions and credits for those who have a mortgage. Families could end up saving thousands on their taxes by paying for a mortgage, property taxes and additional house related expenses. Anyone who doesn’t own a home complete misses out on these tax benefits.
Investing In Communities
Homeownership comes with a sense of pride that can only be felt after purchasing a house. They are much more likely to stay in the area long term, contributing to the community in many ways. They develop long-lasting relationships in the community and help others in the area. In short, home owners are fully invested. They care about the well being of their community and everyone benefits as a result.
Take Out Equity Lines
As the homeowners continue to pay off the mortgage, they have access to equity loans. These loans can be take on the property to use for additional investments or financial flexibility. Since equity loans are guaranteed by the house, the interest rates are much lower. The access to lower interest rates and capital is strongly needed. It creates new opportunities in education and starting a business too.
The Real Estate Market Today
Moreover, the time for black home ownership is now. With the markets rising slowly, there is a great opportunity to buy houses now and earn from increased appreciation. The house buyers at Klamen Real Estateknow this and continue to buy more houses. As more millennial home buyers enter the market, the supply of houses will decrease. As a result, the current real estate market presents an opportunity to buy a house and receive appreciation too.
Right now is the best time to promote black home ownership. It’s the smart financial decision to make, offering tax benefits and security. Most importantly, it allows our families to plan for the future, build equity and invest in our communities. If you know someone who is hard working and has the ability to buy a house, talk to them about these great reasons to get started soon.