
For Black Americans, owning a home is a big milestone despite expert opinion that a first home shouldn’t be considered an investment. Given how just over 43 percent of us own homes, there’s wisdom in ignoring the experts!
First we should invest in our homes because of our historic relationship to property. Post slavery, we were denied the rights to property and even threatened with violence when trying to get a home. Some of thehomes our ancestors bought are still around in our families today! It’s important to hold onto them.
Real estate appreciates not just because of the home itself, but the property it sits on. “African Americans, own less than 1 percent of rural land in the country.” Homeownership can be a vessel for land ownership as well.
But how can this combination of land and homeownership help to build generational wealth?
Investing in our homes and owning land can give us something to pass down to our children. It’s a huge financial advantage for our families that they can always turn to.
Treating your home as an investment respects our ancestors and gives our people hope for the future. Taking care of our homes now can ensure that a piece of our legacy is always around.