Changing wealth inequalities through home ownership



The racial inequality divide extends to many facets of daily life in America, but home ownership should not be overlooked.

44% of black families own their home while 73.7% of white families own theirs, according to the U.S. Census for the first quarter of 2021, and the disparity may be even greater in some cities. As black families have made gradual progress in homeownership since early 2019, that progress is threatened by the COVID-19 pandemic – which has disproportionately affected the physical and financial health of many African Americans.

Watch out for the gap
To get a full picture of the racial wealth gap when it comes to homeownership, we need to start with the household wealth disparities between races. According to, a 2018 research report found that the median black household owns less than 11% of the wealth of the median white household.

Home equity represents a large portion of the wealth of most families, so increasing minority home ownership is a key factor in narrowing and ultimately closing the wealth gap. Many obstacles have kept black Americans from buying property, such as the lingering impact of redlining. This practice, which is now banned, previously prevented black buyers from obtaining mortgages and even limited home sales to certain neighborhoods where property values ​​lagged due to bias. And according to, more recently black people have been disproportionately targeted for predatory loans that contributed to the housing collapse and deep recession that hit in 2008.

A company for change
Now that you can see how this wealth gap has formed and widened, let’s take a look at what homeownership really means. While a home can be passed down to the next generation as an inheritance, the benefits of owning a home can be felt soon after it closes. You can tap into the equity in the property to fund a child’s college education, start a business, or even help a child or grandchild with the down payment for their own home. So, knowing that the benefits begin long before reselling, finding a company that is willing to work with you is essential to making your dreams come true.

While traditional banks don’t believe all Americans deserve their best technology, best programs, or best loans, ChangeFi does. ChangeFi offers digitally-focused banking, lending and financial services to Black, Latin American and other underbanked communities to help unravel the racial ownership gap.

“I’m excited to bring real change and financial inclusion to underserved people, in communities like my hometown of Atlanta and my new home in Los Angeles. Throughout my life, I have been fortunate to make a fundamental impact through my work, ”said BC Silver, President, Digital Banking Services and CEO of Change Finance. “Our approach to expanding banking services and lending to blacks, Latin Americans and low-income Americans will disrupt traditional banks and neo-banks, and help bring greater racial equity to access. property in America. Our mission is to lend more than $ 2 billion in 2021 to increase home ownership for blacks and Latin Americans. “

Access the American dream
If you’re ready to take the first step towards home ownership, the Change Loan might be just what you’re looking for. Through a variety of traditional and non-traditional mortgage products, they empower borrowers like you and me to invest in our homes, communities and futures.

ChangeFi and Change Lending are powered by The Change Company, a Certified Community Development Financial Institution (CDFI) that has helped more than 100,000 families by financing more than $ 25 billion in loans. Click here to explore your options with ChangeFi.


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