Realtors encourage women of color to buy property

ROCKFORD, Ill. (WIFR) – A group of local realtors is encouraging women of color to invest in real estate to not only create futures for themselves but to have something to leave for their children.

The push comes after the National Association of Realtors reported that in 2022, white and Hispanic home ownership was on the rise as Asian and Black buyers were on the decline. Realtor Amber Payne says she is aware of those disparities and says the gap between those groups and women of color is even wider.

“We are encouraging women and women of color to invest in their own communities, to invest in real estate, and jump into the market and learn that real estate can really be that caveat to generational wealth,” Payne said.

Payne says that unlike their white and Hispanic counterparts, Black women often lack a financial network to help them with downpayments and jobs so they can jump into the real estate game. She also says fear is a driving factor.

“Jumping into it can be scary but it’s the scare of the unknown,” she said. “But it can be easy. It’s done every day. We have the power and the knowledge to do it. So, teaming up with your realtor and learning what your options are is important.”

Mary White is single, owns her personal home, and is now looking for her first property investment. Once she finds that, she’ll likely buy more. She said although it requires a leap, there is great value in owning real estate because it means having a stake in the community.

“Get some education on it,” Whit said. “And once you get some education on it, it’s going to be something that you wish you would have [done] sooner.”

In 2022, Black homeownership was just over 43% while more than 72% of white Americans owned their homes.