ROCKFORD (WREX)— Homeownership is on rise amidst the pandemic. Despite the economic recession, more families are choosing to buy, as millions now work from home.
But that isn't the case for every demographic in our country.
While homeownership for White Americans rose in the fourth quarter last year, homeownership for Black Americans dropped for the same period.
White American homeownership rose to a nine-year high of 74.5%, while Black American homeownership dipped to 44.1%. That is was the lowest rate since the start of last year.
"A lot of people work for 30-40 years and they just been paying rent for 30-40 years and they don't have anything. They just die after that," said realtor Malcolm Payne.
Realtor Malcolm Payne says he is seeing fewer Black Americans buy homes compared to White Americans.
He says what started as a lack of opportunity decades ago, led to a lack of knowledge today
"Most of us are not taught to own homes. I am 50 and I was the first generation on my mom's side to own a home and only the second on my dad's side," said Payne.
He hopes more black people will buy homes like Shlove Westbroke.
She bought a home in Loves Park six months ago after her daughter asked her too.
"When this pandemic happened, it took her freedom away, her childhood away, and put everything on pause. So we decided to go house hunting and get that dream she has," said Westbroke.
Realtor Dawn Davis-Brown also hopes more black people will buy homes.
She says movements like black lives matter have expressed how Black Americans can reach better social equality outside of protesting in the streets.
"I think it has brought like in bringing up that conversation and ask people what are you scared of? Why don't you think this will benefit you?" said Davis-Brown.
Davis-Brown suggest people interested in buying a home to reach out to a broker or realtor near them.