Marcia's Blog

What Americans lose if more minorities cannot buy homes

Anyone who has studied recent U.S. Census trends knows that minorities are about to become the largest group in the United States. In fact, recent studies show that race roles are reversing and Caucasian Americans are becoming the minority.

With minorities making up such a large percentage of the American population, it means the demise of the mortgage industry if minorities cannot buy homes. Ultimately, this leads to a further downturn in the overall economy.

If we don’t come up with creative ways to prepare more minorities for homeownership, here’s what we stand to lose:

  • Our country can lose economic growth. When people buy homes, this stimulates the entire economy. Lenders, real estate agents, and mortgage professionals benefit from more home sales. Other businesses win too when homeownership increases. Home improvement retailers, title companies, appraisers, inspectors, and movers all benefit. When the economy does well, more jobs are created and everyone comes out ahead.
  • Diverse communities become homogenous. Not only can people of different races and ethnicities learn from one another, but we develop new perceptions of the world when we interact with people of different backgrounds.

We now have a nation of families of ALL races and ethnicities. Everyone wants a better life and many minority families want to own a home.

Without new minority homeowners, the mortgage industry loses jobs, stature, and income. Why should we accept the notion that more people should rent? If people work to save more money, straighten out their credit, and educate themselves on available programs and financing, we must find a way to help them accomplish this.

By creating more qualified homeowners, we all do our part to keep the country moving forward.

We must find new ways to meet minority homebuyers where they are. Let's spend time and money making sure more minorities are solidly prepared and equipped to buy homes and remain homeowners for the long-haul. Not only does it make good business sense, but our country is depending on it.