JuneteenthKC and ReeceNichols Real Estate Partner to Close Racial Homeownership Gap in Kansas City
Kansas City Struggles with Racial Homeownership Gap
In Kansas City, Missouri, the dream of homeownership has not been a reality for all. Studies indicate that the gap in homeownership between Black and white Americans is the largest it has been in a decade. The National Association of Realtors reports that for Black Americans, homeownership has increased less than 1% over the past ten years. Where Black homeownership stood at 44.1% in 2022, white homeownership was considerably higher at 72.2%.
Makeda Peterson, of JuneteenthKC, states, “There was legislation that was done 50, 100 years ago that systematically kept out the ability to be in certain neighborhoods, to have the ability to be able to get a certain level of home loan. I mean, that compounds into years and years of how big that gap is gonna be.”
Joint Effort for Homeownership Equality
In response to this situation, JuneteenthKC and ReeceNichols Real Estate have partnered to create a series of homeownership and financial empowerment workshops. The intent of these workshops is to arm potential homeowners with the knowledge and resources required to bridge the gap in homeownership rates.
Kenya Lewis, a broker and salesperson with ReeceNichols, describes the process: “We literally go through the entire process of homeownership, what it looks like before it even starts. We are here and there are people that care enough to make sure that everyone has access to homeownership.”
Without equal access to homeownership, Lewis warns, generational wealth is at stake: “The hope that we all should have in having a better life, you know, leaving something for our children, your grandchildren, having assets, those things will be eliminated,” she said.
Overcoming Homeownership Barriers
Brandon Ford, a former client of Lewis and a new homeowner, reflects on the challenges he faced and overcame during his homeownership journey: “We kind of had quite a bit of a journey and a struggle,” said Ford, who, along with his wife, prepared their credit, savings, and action plan for several years before they were successful.
Ford acknowledges that others who look like him may face even greater barriers: “Whether it was redlining, or even when a lot of minorities and Black Americans, in particular, were approved for home mortgages, a lot of times it was at an interest rate that was significantly higher than the other counterparties,” said Ford.
Despite the challenges, Ford remains positive and encourages others to do the same: “Wages aren’t really keeping up with the inflation, whether it’s rent or groceries, things of that sort. So it’s a lot harder and it can be discouraging, but I believe if there’s a will, there’s a way.”
The public is invited to attend these crucial workshops. More information can be found on the JuneteenthKC website.
