As interest rates begin to ease for the first time in years, prospective first-time home buyers may once again be wondering whether it’s a good idea to buy a home. Still, the idea of homeownership may feel out of reach for some. Historically, homeownership prevalence has been lower among certain subgroups of the population. It wasn’t until the 1900s that laws were passed that gave women and people of color equal rights to property ownership.
1968: The Fair Housing Act prohibited discrimination in home buying, home ownership, and rental real estate based on sex, race, religion, and other protected classes.
1974: The Equal Credit Opportunity Act (ECOA) prohibited discrimination in consumer credit practices based on gender, marital status, and other factors. This made it easier for women to purchase a home by allowing them to apply for loans and credit without a male co-signer.
Even with these laws in place, socio-economic disparities and lack of access to intergenerational wealth slow progress in this area. Intergenerational wealth is created when assets are passed on to family members when a family homeowner or head of household dies. In areas like Washington, D.C., this type of asset can be worth hundreds of thousands of dollars and can be used to pay off student loans or provide a first or second home for younger members of the family wherever they live. You can help us buy or invest in other ways.
While this may have once been the key to purchasing real estate, today people, especially women, pursue homeownership for themselves and their means. Many real estate agents in the Washington, DC metropolitan area can attest to working with people who are the first home buyers in their families, and often the first women in their families. The days of waiting until marriage to invest in real estate are coming to an end. These days, people may be marrying later, staying married, or choosing not to marry at all. “I didn’t think about buying a house at first because I didn’t consider myself a ‘typical’ homeowner. I was single and didn’t have any cash saved up,” says Jordyn White, a Washington, D.C., resident who bought her first home at age 29. “A trusted friend recommended that I look into a first-time homebuyer program. We have now created a path to generational wealth for our children.”
Homeownership rates for people of color and women have steadily increased. A 2023 Pew Research Center study using 2022 Census data found that of the approximately 35.2 million homes owned by unmarried Americans, single women owned 58 percent of them; , single men were found to own 42 percent. Single homeowners have the peace of mind of owning their property.
Compass real estate agent Katri Hunter has helped many clients purchase their first home. She reports: “Increasingly, single clients in their early to mid-30s approach me and say they thought they were buying their first property with their significant other, but have since decided to take things into their own hands. ” …I always tell people when they decide to get married, and if they do, to consult an estate planner to discuss premarital assets and keeping them in your name. I think people feel more pride and ownership in buying their own property than something to fear. ”
Katori Hunter It can be accessed at katri.hunter@compass.com. joseph hudson I am a referral agent at Metro Referrals. Contact us at 703-587-0597 or joemike76@gmail.com
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