The underdog of owning property: Grant qualification
Your mortgage company may or may not tell you about grant options
I knew time was running out on my lease, but I just couldn’t see myself renting anymore. I’d already dated a basketball player who bought property while playing overseas. He said he needed a foundation, whether he ended up in the NBA or not, and that resonated with me. When a co-worker was also interested in buying a home, that was the second person who caught my attention. While the latter guy was married with kids (and fit the image of what I thought a homeowner was), the other one was single as a dollar bill. More importantly to me though, both of them were minorities under 30.
It’s not that I didn’t know any black homeowners growing up. As a kid, I used to sit at the kitchen table with my parents’ chain-smoking, Solitaire playing landlord. I knew black women could own. My parents bought a home, and my grandparents owned their home outright. But these were all married people with more stability. I just didn’t see singles doing it.
In 2021, that hasn’t changed much. According to Pew Research, 59.5% of homeowners are married-couple families; the largest age group (22.8%) is between 40 and 50. And a whopping 75.1% of homeowners are white. Black people, on the other hand, average 20.3% of renters.
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Meanwhile renters of all groups are primarily under the age of 35 (34.4%) and live alone (38.1%). The odds just weren’t in my favor to buy anything — but those two guys just kept running through my mind the same year my lease was up. Additionally, I took note of my Thai lady landlord who owned a home and rented out a condo unit she owned. (Asian people are 5.4% of renters and only 4.7% of owners.)
Recommended Read: “Homegrown podcast: Meet Christopher Meeks, trainer for the First Time Home Buyer Education program ~ Step 1 to homeownership: Speak the same language as your mortgage loan officer”
I went straight to the mortgage company that my co-worker bought his place from, although I had absolutely no idea what he was talking about when it came to homeownership terminology. (A mortgage training course with another brotha, Christopher Meeks, quickly fixed that.) But early on, two things caught my attention: 1) lesser-known state grants that help people qualify for homeownership; 2) the fact that I would pay several hundred dollars less per month for a mortgage versus rent.
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As an Amazon affiliate, I earn a percentage from purchases with my referral links. I know some consumers are choosing to boycott Amazon for its DEI removal. However, after thinking about this thoroughly, I want to continue promoting cool products from small businesses, women-owned businesses and (specifically) Black-owned businesses who still feature their items on Amazon. As of the first date of Black History Month 2025, each new post will ALWAYS include a MINIMUM of one product sold by a Black-owned business. (I have visited the seller’s official site to verify that Amazon Black-owned logo.) I am (slowly) doing this with older, popular posts too. If you still choose to boycott, I 100% respect that decision.
The latter one is mind boggling to many, knowing how much money they shell out for rent each month to get nothing in return on their taxes. My mortgage is two-thirds of my rental rate from multiple apartments, and I instantly felt like I’d been holding up a lighter up to my money for more than a decade when I found out.