The journey toward homeownership for any minority individual can be both challenging and terrifying, particularly when faced with concerns about state politics and discrimination. A recent Redfin survey indicated this is especially true right now for the LGBTQ+ community.
There is a great hesitation from members of the LGBTQ+ and other minority communities to becoming homebuyers and securing generational wealth. Between interest rates and local politics, many are sitting on the sidelines until they find the right place.
Waiting for the perfect time may seem tempting, but waiting for the right time often means it will never be the right time, for anything.
Here are the top five things that are on my radar when speaking with terrified renters living in red states where they feel unwelcome.
1. Seize the investment opportunity
Many LGBTQ+ buyers are unaware of the investment potential that homeownership provides and their ability to achieve it. We all grow up being told certain things, and within a minority community there is an overwhelming amount of negativity about success.
Adding to this challenge are those people who were kicked out of their homes at 16 years old because they came out of the closet or dropped out of school to help their single parent pay the bills. Even being raised in a moderate-to-low-income family unit with both parents, minority families have been steeped in poverty mentality for decades. We were told that financial success and generational wealth was impossible simply because we were who we were or we didn’t get all of the education we should have.
I was told I would never be able to afford college or make above minimum wage. Had that narrative been different, I would have had a lot more hope when entering into adulthood. We, the local real estate experts, need to step in.
Educating young first-time homebuyers of their wealth-building potential is critical; we’ve got to break the chain of assumed failure. Jumping into the market with an FHA loan as an owner-occupant and first-time homebuyer can open doors to future financial gains. By staying engaged with your property’s value over the years, you can strategize upgrades, expansions and leverage equity for a new investment.
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