Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult. While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate agent can make all the difference for diverse buyers.
It’s clear that achieving homeownership is more challenging for certain groups. That’s because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the lowest homeownership rate nationally (see graph below).
Homeownership is an important part of building household wealth that can be passed down to future generations. According to a report by the National Association of Realtors, almost half of Black homebuyers in 2023 were first-time buyers. That meanss many didn’t have home equity they could use toward their home purchase.
That financial hurdle alone makes buying a home more challenging, especially at a time when affordability is a major concern for first-time buyers.
Because of these challenges, there are several down payment assistance programs specifically aimed at helping minority buyers fulfill their homeownership dreams:
- The 3by30 program offers valuable resources for Black buyers. It makes it easier for them to secure a down payment and buy a home.
- For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states. It makes homeownership more attainable by providing support with down payments and other costs.
- Fannie Mae provides down payment assistance to eligible first-time homebuyers living in Latino communities.
Even if you don’t qualify for these programs, there are many other federal, state, and local options available to look into. I can help you find the ones that best meet your needs.